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• way. Any properties identified for acquisition will be acquired by the EDA or City only in order to
<br />accomplish one or more of the following: storm sewer improvements; provide land for needed public streets,
<br />utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to
<br />accomplish the uses and objectives set forth in this plan. The EDA or City may acquire property by gift,
<br />dedication, condemnation or direct purchase from willing sellers in order to achieve the obj ectives ofthis TIF
<br />Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition
<br />and related costs.
<br />Subsection 2-6. Classification of the District
<br />The EDA and City, in determining the need to create a tax increment fmancing district in accordance with
<br />M. S., Sections 469.174 to 469.1799, as amended, inclusive, find that the District, to be established, is an
<br />economic development district pursuant to M.S., Section 469.174, Subd. 12 as defined below:
<br />"Economic development district" means a type of tax increment financing district which consists of any
<br />project, or portions of a project, which the authority finds to be in the public interest because:
<br />(1) it will discourage commerce, industry, or manufacturingfrom moving their operations
<br />to another state or municipality; or
<br />(2) it will result in increased employment in the state; or
<br />(3) it will result in preservation and enhancement of the tax base of the state.
<br />The District is in the public interest because it will meet the statutory requirement from clause 1, 2 and 3.
<br />Pursuant to the Special Legislation, Subd 2(d), the limitations on spending increment outside ofthe district
<br />• under M.S., Section 469.1763, Subd. 2, and on spending increment for developments more than 15 percent
<br />of the square footage of which is used for purposes other than those listed in M.S., Section 469.176, Subd.
<br />4c, do not apply.
<br />Pursuant to MS., Sections 469.176 Subd. 7, the District does not contain any parcel or part of a parcel that
<br />qualified under the provisions of M. S., Sections 273.111 or 273.112 or Chapter 473H for taxes payable in
<br />any of the five calendar years before the filing of the request for certification of the District.
<br />Pursuant to the Special Legislation, Subd. 1(a), City may establish within the corporate boundaries ofthe City
<br />one or more economic development tax increment financing districts subject to the special rules under
<br />subdivision 2 and the districts must be located on property that is exempt from taxation for property taxes
<br />payable in 2005 and within the area defined in paragraph (b).
<br />The Special Legislation, Subd. 3 allows the authority to establish tax increment financing districts under the
<br />Special Legislation until December 31, 2015.
<br />Subsection 2-7. Duration of the District
<br />Pursuant to M.S., Section 469.175, Subd. 1, andM.S., Section 469.176, Subd. 1, the duration of the District
<br />must be indicated within the TIF Plan. Pursuant to the Special Legislation, Subd. 2(b), the duration of the
<br />District will be 25 years after receipt of the first increment by the EDA or City. The date of receipt by the
<br />City of the first tax increment is expected to be 2007. Thus, it is estimated that the District, including any
<br />modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2032, or when
<br />the TTF Plan is satisfied. The EDA or City reserves the right to decertify the District prior to the legally
<br />required date.
<br />• Mounds View Economic Development Authority Tax Increment Financing Plan for Tar, Increment Financing District No. 5 2-3
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