Agenda Packets - 1997/04/28 - Laserfiche WebLink

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R. Annual Disclosure Requirements • The EDA is subject to reporting requirements specified in Minnesota Statutes, Section 469.175, Subd. 5, 6 and 6a, and will comply with said requirements. S. Requirements for Agreements with the Developer Pursuant to Section 469.176, Subd. 5, of the Tax Increment Financing (TIF) Act, no more than twenty-five percent(25%), by acreage, of the property to be acquired within the Project as set forth in the tax increment financing plan shall at any time be owned by the EDA as a result of acquisition with the proceeds of bonds issued pursuant to Section 469.178 of the TIF Act without the EDA having, prior to acquisition in excess of twenty-five percent (25%) of the acreage, concluded an agreement for the development or redevelopment of the property acquired and which provides recourse should the development not be completed. T. Assessment Agreements The EDA is permitted to enter into a written assessment agreement in recordable form with any person regarding property within the Tax Increment District. U. Assumptions and Analysis Estimated Current Net Tax Capacity Value: $19,708 (Section K). First Increment: Approximately July 15, 1999. 4110 .n. -s • •. :. ►- .. ••. • -• $19,708 (Section K). Original Tax Rate• 136.338% (1996/97). Local Contribution: The City/EDA are expected to elect to make a Qualifying Local Contribution (5%) and fmance costs related to the development project described herein. Tax Increment. The projected tax increment has been calculated at approximately $70,040 (1998/99) assuming a tax capacity rate of 136.338% (Section M). Administration. Certain legal, fiscal and administrative expenses that are incurred relating to the Tax Increment District may be financed in conjunction with the Plan and Program. The EDA intends to be reimbursed with tax increments for total costs. V. Reasonable Expect tions/Rut -For Test As required by the Tax Increment Financing Act, in establishing the Tax Increment District the determination has been made that the anticipated development and improvements would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary and has been based upon City staff awareness of the feasibility of developing the subject site. The analysis and studies supporting the findings are contained in a memorandum on file with the City of Mounds View prepared by Community Partners, Inc.