Resolution 6745 - Laserfiche WebLink

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• Subsection 2-11. Fiscal Disparities Election Pursuant to the Special Legislation, Subd. 2(~, the limitation on the ability to elect the method of computation under M. S., Section 469.177, Subd. 3, for an economic development district does not apply and the EDA or City may elect the method of computation under pazagraph (a) or (b) of sectionM.S., Section 469.177, Subd. 3. The EDA will choose to calculate fiscal disparities by clause b (inside the District). If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause b, (inside the District) are followed, the following method of computation shall apply: (b) The following method ofcomputation applies to any economic development districtfor which the request for certiftcation was made after June 30, 1997, and to any other district for which the governing body, by resolution approving the tax increment f nancingplan pursuant to M.S, Section 469.175, Subd. 3, elects: (1) The original net tax capacity shall be determined before the application of the fscal disparity provisions of Chapter 276A or 473F. The current net tax capacity shall exclude any fiscal disparity commercial-industrial net taz capacity increase between the original year and the current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section 276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the original net tax capacity is equal to or greater than the current net tax capacity, there is no captured tax capacity and no tax increment determination. Where the original tax capacity is less than the current tax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereofwhich the authority has designated,. in its tax incrementfinancingplan, to share with • the local taxing districts is the retained captured net tax capacity of the authority. (2) The county auditor shall exclude the retained captured net tax capacity of the authority from the net taz capacity of the local taxing districts in determining local taxing district tax rates: The local tax rates so determined are to be extended against the retained captured net tax capacity of the authority as well as the net tax capacity of the local taxing districts. The tax generated by the extension of the less of (A) the local taxing district tax rates or (B) the original local taz rate to the retained captured net tax capacity of the authority is the tax increment of the authority. Subsection 2-12. Business Subsidies Pursuant to M. S. Sections 116J.993, Subd. 3, the following forms of financial assistance aze not considered a business subsidy: (1) A business subsidy of less than $25,000; (2) Assistance that is generally available to all businesses or to a general class of similaz businesses, such as a line of business, size, location, or similar general criteria; (3) Public improvements to buildings or lands owned by the state or local government that serve a public purpose and do not principally benefit a single business or defined group of businesses at the time the improvements are made; (4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552, Subd. 3; (5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50% of the total cost; • Mounds View Economic Development Authority Tax Increment Financing Plan for Tar. Increment Financing District No. 5 2-I O