Laserfiche WebLink
that would benefit the entire community and are not possible to be funded under a <br />"pay as you go" basis. <br />Within the City but outside of TIF Districts <br />Financing from the dedicated tax increment fund can be provided in annual <br />installments to the applicant based on the positive cash flow balance in the <br />Economic Development Authority's dedicated tax increment fund and need for <br />assistance based on analysis of the "but for" test for the project. The dedicated tax <br />increment fund includes a value based on the use and is adjusted along with the <br />budget process and goals and objectives for economic and redevelopment on an <br />annual basis. <br />VL ESTABLISHING A TAX INCREMENT FINANCE DISTRICT: <br />New tax increment finance districts in the City of Mounds View will be <br />established in accordance with applicable Minnesota State Statutes, the <br />Tax Increment Finance Plan, and the Development District Plan. <br />VII. ADMINISTRATION POOLED FUNDS & PARCEL DECERTIFICATION: <br />Administration <br />Tax Increment Finance districts will be administered in accordance with applicable <br />Minnesota State Statutes, the Tax Increment Finance Plan, and the Development <br />District Plan. <br />Pooled Funds <br />Pooled funds are available when the current years increment exceeds existing <br />obligations. In the past, funds have been allocated for low interest improvement <br />loans, housing replacement, and Highway 10 redevelopment. The Mounds View <br />Economic Development Authority will address the future use of pooled funds in the <br />following manner: (1) view tax increment as a means secondary to programmatic <br />objectives; (2) allocate all available pooled increment; and (3) the Economic <br />Development Commission and Economic Development Authority decides on <br />future development needs and uses TIF and/or other means to accomplish those <br />ends. (4) in the event that the Economic Development Authority determines <br />pooled increment should be returned to the respective taxing jurisdictions, <br />the Economic Development Commission will evaluate the potential action <br />and make a recommendation to the Economic Development Authority. <br />To more effectively utilize pooled increment, the Economic Development Commission <br />will recommend funding priorities to the Economic Development Authority. This <br />will be done in conjunction with the annual budgetary process. <br />Requests made for the use of pooled funds by a business or developer outside <br />established TIF districts are discussed in sections IV and V. <br />Parcel Decertification <br />