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02-01-2006
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02-01-2006
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MV City Council
City Council Document Type
City Council Packets
Date
2/1/2006
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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-10 <br />Subsection 2-11. Fiscal Disparities Election <br />Pursuant to the Special Legislation, Subd. 2(f), the limitation on the ability to elect the method of computation <br />under M.S., Section 469.177, Subd. 3, for an economic development district does not apply and the EDA or <br />City may elect the method of computation under paragraph (a) or (b) of section M.S., Section 469.177, Subd. <br />3. The EDA will choose to calculate fiscal disparities by clause b (inside the District). If the calculations <br />pursuant to M.S., Section 469.177, Subd. 3, clause b, (inside the District) are followed, the following method <br />of computation shall apply: <br />(b) The following method of computation applies to any economic development district for which the <br />request for certification was made after June 30, 1997, and to any other district for which the <br />governing body, by resolution approving the tax increment financing plan pursuant to M.S., Section <br />469.175, Subd. 3, elects: <br />(1) The original net tax capacity shall be determined before the application of the fiscal <br />disparity provisions of Chapter 276A or 473F. The current net tax capacity shall exclude <br />any fiscal disparity commercial-industrial net tax capacity increase between the original <br />year and the current year multiplied by the fiscal disparity ratio determined pursuant to <br />M.S., Section 276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the <br />original net tax capacity is equal to or greater than the current net tax capacity, there is no <br />captured tax capacity and no tax increment determination. Where the original tax capacity <br />is less than the current tax capacity, the difference between the original net tax capacity and <br />the current net tax capacity is the captured net tax capacity. This amount less any portion <br />thereof which the authority has designated, in its tax increment financing plan, to share with <br />the local taxing districts is the retained captured net tax capacity of the authority. <br />(2) The county auditor shall exclude the retained captured net tax capacity of the authority from <br />the net tax capacity of the local taxing districts in determining local taxing district tax rates. <br />The local tax rates so determined are to be extended against the retained captured net tax <br />capacity of the authority as well as the net tax capacity of the local taxing districts. The tax <br />generated by the extension of the less of (A) the local taxing district tax rates or (B) the <br />original local tax rate to the retained captured net tax capacity of the authority is the tax <br />increment of the authority. <br />Subsection 2-12. Business Subsidies <br />Pursuant to M.S. Sections 116J.993, Subd. 3, the following forms of financial assistance are not considered <br />a business subsidy: <br />(1) A business subsidy of less than $25,000; <br />(2) Assistance that is generally available to all businesses or to a general class of similar businesses, <br />such as a line of business, size, location, or similar general criteria; <br />(3) Public improvements to buildings or lands owned by the state or local government that serve a <br />public purpose and do not principally benefit a single business or defined group of businesses at <br />the time the improvements are made; <br />(4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552, Subd. 3; <br />(5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing <br />it up to code and assistance provided for designated historic preservation districts, provided that <br />the assistance is equal to or less than 50% of the total cost;
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