Agenda Packets - 1997/04/28 - Laserfiche WebLink

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HF Omnibus Tax Bill y g Section np, 11 • 1 to decertifyhousingTIF No. 1 as of December 31, 1997, and (2) identify in the plan the housing activities that will be assisted by the \' housing development account. This money may be spent for a variety of housing activities— • to rehabilitate, acquire. demolish or construct housing or other related public improvements • the housing need not be in a TIF district or project area • the housing can meet income and rent restrictions under livable communities,rather than the TIF act. (However, since this is a pre-1988 district,the applicable TIF restrictions are probably less restrictive than livable communities.) The tax increment to be spent for housing activities must be segregated in a separate housing development account of the EDA. The account may receive funds from other public and private sources 25 Columbia Heights,authority definition. Defines authority for purposes of Columbia Heights' use of housing replacement districts. This may be a housing and redevelopment authority or economic development authority,at the election of the city. • 26 Housing replacement districts. Allows the city of Columbia Heights to establish a housing replacement tax increment financing (TIF)district under the special law that now applies to Crystal.Duluth,Fridley, Minneapolis, Richfield, and St. Paul. This program allows the participating cities to capture existing tax base in TIF to redevelop vacant houses, substandard houses, and vacant sites. The purpose is to prepare sites for market rate housing. The city must pay 25 percent of the cost of the redevelopment. Columbia Heights would be allowed use of this authority for 50 parcels,equivalent to the limit for Crystal, Fridley,and Richfield. (The three first class cities are allowed 100 parcels.) Effective date. Effective upon local approval by the city council of Columbia Heights. 27 Minneapolis housing transition district;definitions. Defines terms: Authority is the Minneapolis Public Housing Authority or the Minneapolis Community Development Authority. Captured net tax capacity is defined similarly to the general tax increment financing law. City is the city of Minneapolis. Consent decree is the court ordered settlement agreement of the Hallman case. This was the case that contented that the operation of various public housing programs in Minneapolis violated the civil rights laws. County auditor is the Hennepin County auditor. • Research Department Minnesota House of Representatives Goo State Office Building 6'd S3IlIJ NW JO 31lE1:01 WdE2:20 L61 TE eldd