Agenda Packets - 1997/04/28 - Laserfiche WebLink

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!13 '. fi \\(f • t,..,a e x,, y, a e S&c�II y 0r• Redevelopment and renewal and renovation distric kJqLiX development authorities to conduct an interior,physical inspection of properties before determining that they substandard for purposes of the blight tests. An interior inspection is not required if the municipality is denied access to the building and available evidence supports a conclusion that the building is substandard. Such evidence would include information from other inspections by building or housing inspectors, the police or fire departments, or exterior evidence of deterioration. Records of this alternative evidence and why an interior inspection was not done must be retained. Effective date: Requests for certification after June 1, 1997 2 Soils districts. Increase the SJsquare foot cost of cleanup qualifying criteria for soils condition districts to$4. Under present law,the cost of cleanup must either exceed the fair market value of the property or exceed$2 per square foot. Effective date: Requests for certification after June 1, 1997 3 Increment definition. Defines increment as the taxes paid by the captured tax capacity (i.e.,the increase in taxable value above the certified original amount). In addition, also • included in the definition are: proceeds from the sale or lease of property purchased with increments • repayment of loans or other advances made with increments investment earnings on increments. These rules are intended to ensure that increments do not lose their character as a result of purchases,loans,or investments. If the authority sells property purchased with increments, for example,the proceeds are subject to the spending restrictions that apply to increments. Proceeds from increment financed Ioans, purchases,or investments may only be used for qualifying purchases or redistributed to the city,county,and school district. Effective date: All districts subject to the 1979 TIF Act and intended to confirm the original intent of the law for the basic definition and investment earnings. Treating proceeds .. of sales or repayments of loans and advances made with increments is effective for purchases of property or loans or advances made after June 1, 1997. Thus, sales or repayments of property purchased or loans made before June 1 would not be affected. 4 Population definition. Defines population for purposes of the tax increment act. This is the most recently available population estimate from either the federal census, a special census,or state demographer or metropolitan council estimates. This population applies to the next calendar year after the estimate is obtained. Effective date: Requests for certification after June 1, 1997 I Research Department Minnesota House of Representatives 600 State Office Building C• J C7T I T`1 LII.I Jr, 7f1c1NTI LIJrA'7•Ira JC T7 1JJ1—J