08/22/2011 Council Packet - Laserfiche WebLink

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P38 INTRODUCTION The Authority, on August 11, 2003, created Tax Increment Financing District No. 1-10, within Development District No. 1, and adopted a Tax Increment Financing Plan (the "Plan ") in connection therewith. The boundaries of Tax Increment Financing District No. 1 -10 are not being modified due to this amendment. The Authority intends to modify the Plan for Tax Increment Financing District No. 1 -10 on August 22, 2011 (this modification) to provide for the financing of certain debt service costs on bonds issued to finance the interchange of Anoka County Highway 23 and Interstate 35W and debt service on bonds issued to finance public improvements serving the development known as Legacy at Woods Edge. All tax increment remaining in the account of TIF District No. 1-10 after February 1, 2011, and all tax increments collected thereafter must be used only for one of the two activities listed above. Minnesota Statutes 469.176, Subd. 4c, and 469.1763 do not apply to expenditures made under this section. Further, under 2011 Minnesota Laws, Ch. 112, Art. 11, Section 18 (the "Special Law "), the Authority is authorized to extend the duration of TIF District No. 1.10 and collect tax increments from the TIF District through December 31, 2023 and use such increments for the restricted uses previously described. The purpose of the modification to the Plan is to increase the authorized tax increment revenues and public costs, to authorize for `pooling' of increment to pay the debt service on the bond issues, and to extend the duration of the district in accordance with the 2011 Special Law. The sections of the Modified Plan specifically being modified include Section F: Duration of the TIF District; Section G: Property to be Included in the District; Section K: Estimated Public Costs; Section L: Estimated Sources of Revenue; Section 0: Original Tax Capacity Rate; Section S. Tax Increment Pooling and the Five Year Rule; and Section V: Estimated Impact on Other Taxing Jurisdictions. This modification may not reflect all changes that have occurred since the District was established on August 11, 2003, but is intended to reflect the changes applicable to the district pursuant to the Special Law that was passed. • •