Agenda Packets - 1999/06/07 - Laserfiche WebLink

Home Browse Search

H.F. 2420 May 17, 1999 Version: Conference Committee Report Page 43 Section 19 St. Cloud TIF, pooling permitted. Authorizes the St. Cloud housing and redevelopment authority (HRA) to spend increments from a pre-1982 TIF district outside of the district to redevelop properties destroyed by a natural gas explosion on December 11, 1998. Effective upon local approval. 20 St. Paul,TIF. Extends the duration of the Williams Hill TIF district in St. Paul by ignoring the first $2,000 of increment for purposes of the duration limit. The maximum permitted duration extension is 2 years. The duration limits for TIF districts generally begin upon • receipt of the first increment. Effective upon local approval by the city, county, and school district. The state aid offset will apply during the extension period. 21 City of Jackson, TIP. Allows the city of Jackson to extend the duration of a pre-1979 TIP district to collect increments through 2002. The maximum amount of increments allowed to be collected is$170,000. Under general law, these districts may not spend increment after April 1, 2001, except to pay obligations issued before April 1, 1990. Thus, the bill will allow the city to collect increments in 2001 and 2002. Effective upon local approval by the city, county, and school district. The state aid offset applies during the extension period. 22 City of Minneota, TIF. Ratifies expenditures of increment made by the city of Minneota for its tax increment financing district. This ratifies approximately $28,000 that the city spent in excess of the total estimated expenditures in the TIF plan. The provision is effective upon local approval by the city. 23 Fridley TIF. Allows the city of Fridley to extend the duration of TIF district No. 6 to 2025. This district is a redevelopment district; absent the legislation it would be required to be decertified in 2012. Thus, this section provides for up to a 13 year extension. The extension is subject to the state aid offset during the extension period under special rules. The amount of the aid offset is limited to the least of(1) $200,000, plus one-half of the excess; (2) 2.5 percent of the city's net tax capacity; or(3) 5 percent of the district's increment for the previous year. Pooling of increments from the districts is permitted only for sewer and highway costs directly related to the development in the district. Tax capacity attributable to 200,000 square feet of building value (other than parking ramps) must be decertified in the year district would have been decertified under general law. The extension is effective upon approval by the city, county, and school district. 24 Brooklyn Center. Authorizes Brooklyn Center to change the fiscal disparities election for TIF district No. 4 to permit the fiscal disparities contribution to be paid by the city, rather than the district. 25 Dawson. Extends the duration of an economic development district in the city of Dawson to 18 years after receipt of the first increment. This would extend the decertification date . from January, 2010 to July, 2019. Article 10: Tax Increment Financing