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06-24-2019 Council Packet
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06-24-2019 Council Packet
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10/30/2021 1:08:48 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br /> <br />TABLE OF CONTENTS <br /> <br /> <br /> <br />Section Page(s) <br /> <br /> <br />A. Definitions ...................................................................................................................... 1 <br />B. Statutory Authorization ................................................................................................... 1 <br />C. Statement of Need and Public Purpose ......................................................................... 1 <br />D. Statement of Objectives ................................................................................................. 1 <br />E. Designation of Tax Increment Financing District as a Housing District .......................... 2 <br />F. Duration of the TIF District ............................................................................................. 3 <br />G. Property to be Included in the TIF District ...................................................................... 3 <br />H. Property to be Acquired in the TIF District ..................................................................... 3 <br />I. Specific Development Expected to Occur Within the TIF District ................................... 3 <br />J. Findings and Need for Tax Increment Financing ........................................................... 4 <br />K. Estimated Public Costs .................................................................................................. 4 <br />L. Estimated Sources of Revenue ..................................................................................... 5 <br />M. Estimated Amount of Bonded Indebtedness .................................................................. 5 <br />N. Original Net Tax Capacity .............................................................................................. 5 <br />O. Original Tax Capacity Rate ............................................................................................ 6 <br />P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ............. 6 <br />Q. Use of Tax Increment ..................................................................................................... 7 <br />R. Excess Tax Increment ................................................................................................... 8 <br />S. Tax Increment Pooling and the Five-Year Rule ............................................................. 8 <br />T. Limitation on Administrative Expenses .......................................................................... 8 <br />U. Limitation on Property Not Subject to Improvements - Four Year Rule ......................... 8 <br />V. Estimated Impact on Other Taxing Jurisdictions ............................................................ 9 <br />W. Prior Planned Improvements ......................................................................................... 9 <br />X. Development Agreements ............................................................................................. 10 <br />Y. Assessment Agreements ............................................................................................... 10 <br />Z. Modifications of the Tax Increment Financing Plan ....................................................... 10 <br />AA. Administration of the Tax Increment Financing Plan ...................................................... 10 <br />AB. Filing TIF Plan, Financial Reporting and Disclosure Requirements ............................... 11 <br /> <br /> <br />Map of the Tax Increment Financing District and Development District .............................................. EXHIBIT I <br />TIF District Assumptions Report ......................................................................................................... EXHIBIT II <br />Projected Tax Increment Report ......................................................................................................... EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ..................................................................... EXHIBIT IV
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