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City of Mounds View TIF District No. 1 Modification 1 | P a g e <br /> <br />Tax Increment Redevelopment District No.1 Finance Plan <br /> <br />INTRODUCTION <br /> <br />(AS MODIFIED NOVEMBER 2000) <br /> <br />The following is a modification to the Tax Increment Redevelopment Plan (the “Plan”) for <br />Tax Increment District No. 1. Generally, there are no substantive modifications to the Tax <br />Increment Plan for Tax Increment Financing District No. 1. The purpose of the <br />modification is to attempt to bring the Plan into compliance with the Office of the State <br />Auditor requirements as they are understood at this point in time. The following <br />subsections are being modified in an attempt to clarify the Plan and clarify and restate the <br />budgets in the office of the State Auditor’s required format. <br /> <br />(AS MODIFIED OCTOBER 8, 2012) <br /> <br />Tax Increment Redevelopment District No. 1 is being modified by the City Council to <br />authorize acquisition of parcels within the Mounds View Economic Development <br />Project. <br /> <br />The EDA and the City desire to continue redevelopment and development of blighted, <br />foreclosed and underdeveloped property in the City. New redevelopment <br />opportunities have arisen in areas located outside of Tax Increment Financing District <br />No. 1 and within Mounds View Economic Development Project area. The proposed <br />redevelopments will allow the City to acquire, rehabilitate, and/or demolish existing <br />residential and commercial units, relocate existing businesses and residents, make <br />necessary site improvements and resell the rehabilitated homes and/or vacant <br />residential or commercial lots for development and allow the City to make necessary <br />public improvements to roadways, sidewalks and utilities as required. <br /> <br />A. Statutory Authority <br /> <br />The City of Mounds View is authorized to establish a tax increment district pursuant to <br />Minnesota Statutes, Section 273.71-78. <br /> <br />(AS MODIFIED JUNE 1989) <br /> <br />The City of Mounds View is authorized to modify a tax increment district pursuant to <br />Minnesota Statutes, Sections 469.174 to 469.179. <br /> <br /> <br />B. Statement of Objectives <br /> <br />See Part I, Section F, Subsection 1 of this report. <br /> <br />