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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-18
<br />Subsection 2-25. Annual Disclosure Requirements
<br />Pursuant to M.S., Section 469.175, Subd. 5, 6, and 6b the EDA or City must undertake financial reporting for
<br />all tax increment financing districts to the Office of the State Auditor, County Board, County Auditor and
<br />School Board on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual
<br />statement shall be published in a newspaper of general circulation in the City on or before August 15.
<br />If the City fails to make a disclosure or submit a report containing the information required by M.S., Section
<br />469.175 Subd. 5 and Subd. 6, the OSA will direct the County Auditor to withhold the distribution of tax
<br />increment from the District.
<br />Subsection 2-26. Reasonable Expectations
<br />As required by the TIF Act, in establishing the District, the determination has been made that the anticipated
<br />development would not reasonably be expected to occur solely through private investment within the
<br />reasonably foreseeable future and that the increased market value of the site that could reasonably be expected
<br />to occur without the use of tax increment financing would be less than the increase in the market value
<br />estimated to result from the proposed development after subtracting the present value of the projected tax
<br />increments for the maximum duration of the District permitted by the TIF Plan. In making said
<br />determination, reliance has been placed upon written representation made by the developer to such effects
<br />and upon EDA and City staff awareness of the feasibility of developing the project site. A comparative
<br />analysis of estimated market values both with and without establishment of the District and the use of tax
<br />increments has been performed as described above. Such analysis is included with the cashflow in Appendix
<br />D, and indicates that the increase in estimated market value of the proposed development (less the indicated
<br />subtractions) exceeds the estimated market value of the site absent the establishment of the District and the
<br />use of tax increments.
<br />Subsection 2-27. Other Limitations on the Use of Tax Increment
<br />1. General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF
<br />Plan. The revenues shall be used To finance, or otherwise pay the cost of redevelopment of the Mounds
<br />View Economic Development Project pursuant to the M.S., Sections 469.090 to 469.1082. Tax
<br />increments may not be used to circumvent existing levy limit law. No tax increment may be used for the
<br />acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and
<br />regularly for conducting the business of a municipality, county, school district, or any other local unit of
<br />government or the state or federal government. This provision does not prohibit the use of revenues
<br />derived from tax increments for the construction or renovation of a parking structure. Increments may
<br />only be spent on one or more of the following costs, improvements, or activities: acquisition and removal
<br />of existing billboards; acquisition of land and easements, if the parcel is occupied by a building
<br />constructed before 1990; sanitary sewer, sewer, and water improvements; road improvements; parking,
<br />including structured parking; administrative expenses; wetland mitigation; soils correction; and
<br />environmental cleanup. Increments may be expended on costs, improvements, or activities outside the
<br />area defined in subdivision 1, paragraph (b) of the Special Legislation, wherever located, whether or not
<br />included in a tax increment financing district, for sanitary sewer, sewer, and water improvements and
<br />improvements to Coral Sea Street, Airport Road, 82nd Lane NE, County Road J, U.S. Highway 10, and
<br />Interstate Highway 35W so long as the improvements are related to development within the area defined
<br />in the Special Legislation, Subd. 1, paragraph (b).
<br />2. Pooling Limitations. Pursuant to the Special Legislation, Subd. 2(d), the limitations on spending
<br />increment outside of the district under M.S., Section 469.1763, Subd. 2, does not apply. Except as
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