Laserfiche WebLink
SECTION II. TAX INCREMENT FINANCING PLAN FOR <br /> REDEVELOPMENT TAX INCREMENT FINANCING (TIF) <br /> DISTRICT NO. 4 <br /> April 14, 1997 <br /> A. Foreword <br /> The Mounds View Economic Development Authority (the "EDA"), staff and consultants have <br /> prepared the following information to expedite and create Redevelopment Tax Increment Financing <br /> District No. 4 (the "Tax Increment District"). The Tax Increment District lies within the Mounds <br /> View Economic Development Project which arose from the consolidation and expansion of <br /> Development Districts Nos. 1, 2 and 3. <br /> The objectives for the improvement of the Project Area are set forth in the Project Plan for the <br /> Mounds View Economic Development Project as amended pursuant to Sections I and II hereof. <br /> Proposed development related to Modification No. 1 will be consistent with the goals, objectives and <br /> plans expressed by the Project Plan for the Mounds View Economic Development Project. The <br /> current project proposes the following development: <br /> 1. Renovation of the existing Bel Rae Ballroom currently owned by the City to be operated as . <br /> a community center. Portions of the renovated facility may be leased to other social service <br /> providers such as the Children's Home Society of Minnesota and Independent School District <br /> No. 621. <br /> 2. V.B. Digs, LLC, a for-profit Minnesota Corporation intends to construct an addition to the <br /> existing Bel Rae Ballroom facility which will offer space for a variety of recreational uses. <br /> 3. Various site improvements including construction of parking areas, landscaping and <br /> infrastructure. <br /> B. Use of Tax Increment <br /> Pursuant to Section 469.176, Subd. 4, of the Tax Increment Act, all revenues derived from the Tax <br /> Increment District shall be used in accordance with the tax increment financing plan. The revenues <br /> shall be used for the following purposes: <br /> 1. to pay the principal of and interest on bonds used to finance a project; <br /> 2. to finance or otherwise pay the capital and administration costs of the Development District <br /> pursuant to the Development District Act; <br /> 3. to pay for project costs as identified in the budget; and <br /> • <br />