Laserfiche WebLink
forth in this plan. The EDA or City may acquire property by gift, dedication, <br />condemnation or direct purchase from willing sellers in order to achieve the <br />objectives of this TIF Plan. Such acquisitions will be undertaken only when <br />there is assurance of funding to finance the acquisition and related costs. <br />DISTRICT CLASSIFICATION <br />The EDA and City, in determining the need to create a tax increment financing <br />district in accordance with M.S., Sections 469.774 to 469.7794, as amended, <br />inclusive, find that the District, to be established, is a housing district pursuant <br />to M.S., Section 469.774, Subd. 77 and M.S., Section 469.7767. <br />The District consists of four (4) parcels <br />• The development will consist of 120 units of multi -family rental housing <br />40% of the units will be occupied by person with incomes less than 60% of <br />median income <br />Pursuant to M.S., Section 469.776, Subd. 7, the District does not contain any <br />parcel or part of a parcel that qualified under the provisions of M.S., Sections <br />273.777, 273.772, or273.774 or Chapter 473H for taxes payable in any of the five <br />calendar years before the filing of the request for certification of the District. <br />DURATION & FIRST YEAR OF DISTRICT'S TAX INCREMENT <br />Pursuant to M.S., Section 469.775, Subd. 7, and Section 469.776, Subd. 7, the <br />duration and first year of tax increment of the District must be indicated <br />within the TIF Plan. Pursuant to M.S., Section 469.776, Subd. 7b., the duration <br />of the District will be 25 years after receipt of the first increment by the EDA <br />or City (a total of 26 years of tax increment). The EDA or City elects to <br />receive the first tax increment in 2024, which is no later than four years <br />following the year of approval of the District. <br />Thus, it is estimated that the District, including any modifications of the TIF <br />Plan for subsequent phases or other changes, would terminate after 2049, or <br />when the TIF Plan is satisfied. The EDA or City reserves the right to decertify <br />the District prior to the legally required date. <br />Mounds View Economic Development Authority <br />Tax Increment Financing District No. 1-7 (Skyline Apartments) <br />4 <br />DOCSOPENWU205\52\763645.v2-11/18/21 <br />