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2200 FIRST NATIONAL BANK BUILDING <br /> 332 MINNESOTA STREET <br /> SAINT PAUL, MINNESOTA 55101 <br /> TELEPHONE (612) 223-6600 <br /> BRIGGS AND MORGAN <br /> FACSIMILE (612) 223-6450 <br /> PROFESSIONAL ASSOCIATION <br /> WRITER'S DIRECT DIAL <br /> • <br /> (612) 223-6420 <br /> WRITER'S E-MAIL <br /> July 24, 1997 <br /> MEMORANDUM <br /> FROM: Jim O'Meara <br /> DATE: .my 24, 1997 <br /> RE: 1997 Tax Increment Changes <br /> Governor Carlson signed the 1997 "Tax Bill" on Juni 2, 1997. It is Laws of <br /> Minnesota for 1997, Chapter 231, and its Article 10 co .t;ir,s the following tax increment <br /> changes. <br /> A. New Definition of "Tax Increment". The terms increment, tag inciwmele, t..,�;x <br /> increment revenues, revenues derived from tax increment and "other similai toms" <br /> (?) are now defined to include: <br /> (1) "Raw" tax increments, meaning the taxes generated by the captured net tax <br /> capacity which are payable to the TIF authority; <br /> (2) The proceeds from the sale or lease of any property, real or otherwise, which <br /> was purchased by the authority with tax increments; <br /> (3) The repayments of any loans or other advances made from tax increments; <br /> and <br /> (4) Interest or other investment earnings on tax increments. <br /> Thele are two effective dates for this change, and they are important. Items (1) and <br /> (4) above, dealing with "raw" increment and the investment earnings on increment, <br /> 357509.4 <br /> • <br /> • <br /> MINNEAPOLIS OFFICE. IDS CENTER•WWW.BRIGGS.COM <br />