2011-087 Council Resolution - Laserfiche WebLink

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• City of Lino Lakes, Minnesota In addition to the uses specified above, tax increments may also be used to provide assistance for up to 15,000 square feet of any separately owned commercial facility located within a "small city" (see M.S. Section 469.176, Subd. 4c), or to pay for excessive site preparation and public improvement costs in a district containing bedrock soils conditions in 80% or more of its acreage (see M.S. Section 469.176, Subd. 4c). Tax increments from the TIF District will be used to provide financial assistance to the proposed development (see Section I), in which over 85% of the square footage of the facilities to be constructed will be used for manufacturing or other purposes as listed in (1) above. Section F Duration of the TIF District and the Three Year Rule Economic development districts may remain in existence 8 years from the date of receipt by the authority of the first tax increment. The Authority anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2014). Modifications of this plan (sec Section AA) shall not extend these Limitations, In addition, no tax increments shall be paid to the Authority from the TIF District after three years from thc date of (1) bonds have been issued in aid of the Project Area (except revenue bonds issued pursuant to M.S. Sections 469.152 to 469.165); (2) thc Authority has acquired property within the TIF District; or III(3) the Authority has constructed public improvements within thc TIF District. The proposed August 22, 2011 modification reflects the extension of the district through December 31, 2023 in accordance with the 2011 Special Law. Generally, economic development districts may remain in existence 8 years from the date of receipt by the Authority of the first tax increment. Based on receipt of first increment the statutorily - required decertification date of the District is December 31, 2013. However the 2011 Special Law allows the term of the district to be extended until December 31, 2023, if the Authority uses such increments to pay:: • debt service 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 increments 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. The Authority reserves the right to allow the TIF District to remain in existence the maximum duration allowed by the 2011 Special Law, and anticipates that the TIF District may be active for the maximum duration allowed. However the Authority will decertify the TIF District as early as possible should the projected increment be received in a shorter time period than originally projected. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the Authority. SPRINGSTED Page 3