08-22-1996 - Laserfiche WebLink

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(4) telemarketing if that activity is the exclusive use of the property; . (5) "tourism facilities;" or (6) or space necessary for and related to the above. Note - Tourism Facilities: The term "tourism facility" was substantially restricted for districts created after May 31, 1993. Now, such a facility means property that: (1) is in a county where the median income is no more than 85% of the state median income; (2) in a county in which tourism-related earnings make up at least 15% of the total earnings in the county (excluding first class cities); (3) is located outside the Twin Cities metropolitan area; (4) is located in a city with a maximum population of 20,000; and (5) is a meeting facility, amusement park, recreation facility, cultural facility, marina, park, hotel, motel, lodging facility or nonhomestead dwelling unit that, in each case, is intended to serve primarily individuals from outside the county. Note - Bedrock Soil Exception: The 1995 legislature added language that allows revenue derived from tax increment from an economic development district be used for site preparation and public improvements for any type of development if bedrock soils are present in 80 percent or more of the acreage of the district, the estimated costs of physical preparation of the site exceeds the fair market value of the land before completion of the preparation, and revenue derived from • tax increments are expended only for the additional costs of preparing the site and installing public improvements required by unstable soils and the bedrock soils condition. The 1995 legislature also removed a previous exception that allowed use of tax increment to finance up to 5,000 square feet of commercial or retail facilities in cities of 5,000 people or less. 6. Hazardous Substance Subdistricts. Qualifications: Consists of parcels within a TIF District of any kind that are "designated hazardous substance sites" or are contiguous parcels that the authority expects to be developed together with the hazardous substance site. "Designated hazardous substance sites" are parcels for which there is a state-approved "development action response plan," and the authority has entered into an agreement providing for removal actions or otherwise certified that it will finance such removal. Term, restrictions: May collect increment from the subdistrict for up to 25 years after the date of receipt of the first subdistrict increment (which is, generally, the tax attributable to the "base value" of the parcel). This period overrides any shorter duration for the underlying TIF District, except that during the extended period, the increment may be used only to pay the cost of hazardous waste • removal and related administrative costs, and the "base value" increment is no longer collected. S3BI00909 4 FIRM-2