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FROM BRIGGS MORGAN 5P (THU)04. 17. '97 12:32 NO. 16 PAGE 2 <br /> 2200 FIRST NATIONAL BANK BUILDING <br /> 332 MINNESOTA STREET <br /> SAINT PAUL,MINNESOTA 55101 <br /> TELEPHONE (612) 223-6600 <br /> BRIGGS AND MORGAN FACSIMILE(612) 223- <br /> PROFESSIONAL ASSOCIATION WRITER'S DIRECT DIA <br /> (612) 223-6420 <br /> WRITER'S E-MAIL <br /> April 17, 1997 <br /> MEMORANDUM <br /> TO: Mayor and Mounds View City Councilmembers/EDA Board <br /> FROM: James P. O'Meara <br /> DATE: April 17, 1997 <br /> RE: Tax Increment Financing <br /> This is a brief and very general overview of what kinds of new tax increment financing <br /> districts the law currently allows to be created, as follows: <br /> (1) Redevelopment Districts. This means that there are structurally substandard <br /> buildings which need to be removed or substantially renovated. <br /> (2) Housing Districts. These can be rental or owner-occupied housing units, but <br /> in either case income limits apply for a certain percentage of the units. <br /> (3) Economic Development. These are the nine year,shorter term districts which <br /> can be established primarily for manufacturing, non-retail warehouse, and <br /> research and development facilities. <br /> (4) Pollution Districts. The tax increment law affords favorable treatment to sites <br /> which need to use tax increment to clean up pollution or other hazardous <br /> wastes. <br /> Redevelopment and housing TIP districts can last up to 25 years. Pollution districts <br /> can receive extended durational treatment as long as the increment is spent for the clean-up <br /> efforts. <br /> 349683.1 MINNEAPOLIS OFFICE•IDS CENTER•WWWBRIGGS.COM <br /> MEMBER-LEX MUNDI,A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS <br />