12/10/2012 Council Packet - Laserfiche WebLink

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• • INTRODUCTION The Authority, on December 28, 1992 created Tax Increment Financing District No. 1-5, within Development District No. 1 (Project Area), and adopted a Tax Increment Financing Plan (the "Plan ") in connection therewith. The boundaries of Tax Increment Financing District No. 1-5 are not being modified due to this amendment. The Authority intends to administratively amend the Plan for Tax Increment Financing District No. 1-5 on December 10, 2012 (this amendment) to provide for the financing of certain eligible housing project costs within the Project Area and City of Lino Lakes. Specifically the Authority intends to use available tax increments from the Tax Increment Financing District No. 1 -5 for financing of eligible affordable housing project within the development area generally known as "Legacy at Woods Edge ", including property within existing Tax Increment Financing District No. 1-11 (Legacy at Woods Edge), and property adjacent to the TIF District. The purpose of the administrative amendment to the Plan is to adjust the existing authorized tax increment revenues and public costs to authorize for 'pooling' of increment to pay for eligible housing project costs related to new anticipated development in the Legacy at Woods Edge area. This amendment does not make any of the changes specified in Minnesota Statutes, Section 469.175, subd. 4, clauses (1) to (6), and therefore may be approved without the hearings and notices required for approval of the initial Plan. The sections of the Plan for Tax Increment Financing District No. 1 -5 specifically being modified include Subsection I: Modification of TIF Plan; Subsection J: Use of Tax Increment; Subsection R: Estimate of Project Costs; Subsection S: Estimate of Bonded Indebtedness and Subsection W: Estimate of Impact on Other Taxing Jurisdictions.