Laserfiche WebLink
bonds have been issued pursuant to Section 273.77 or in aid of a project <br />pursuant to any other law, except revenue bonds issued pursuant to Chapter <br />474, prior to the effective date of the Act; or (2) the authority has acquired <br />_ property within the district; or (3) the authority has constructed or caused <br />to be constructed public improvements within the district ... " The City <br />must therefore issue bonds, or acquire property, or construct or cause public <br />Improvements to be constructed by 1999 or the office of the County <br />Auditor may dissolve the tax Increment financing district. <br />Q. Limitation on Qualification of Property in Tax Increment District Not <br />Subject to Improvement <br />Pursuant to Minnesota Statutes Section 273.75, Subdivision 69 Wf, after four <br />years from the date of certifieatlon of the original assessed value of the tax <br />Increment financing district ..., no demolition, rehabilitation or renovation <br />of parcel or other site preparation Including improvement of a street <br />adjacent to a property but not installation of utility service Including sewer <br />or water systems, has been commenced on a parcel located within a tax <br />Increment financing district by the authority or by the owner of the parcel <br />In accordance with the tax increment financing plan, no additional tax <br />increment may be taken from that parcel and the original assessed value of <br />that parcel shall be excluded from the original assessed value of the tax <br />Increment financing district. If the authority or the owner of the parcel <br />subsequently commences demolition, rehabilitation or renovation or other <br />site preparation on that parcel including improvement of a street adjacent <br />to that parcel, in accordance with the tax increment financing plan, the <br />authority shall certify to the county auditor In the annual disclosure report <br />that the activity has commenced. The county auditor shall certify the <br />assessed value thereof as most recently certified by tilt commissioner of <br />revenue and add it to the original assessed value of the tax Increment <br />financing district. <br />R. Limitation on the Use of Tnx increment <br />All revenues derived from tax increment shall be used In accordance with <br />the tax Increment financing plan. The revenues shall be used to finance or <br />otherwise pay public redevelopment costs pursuant to Minnesota Statutes, <br />Chnpler 472A. These revenues shall not be used to circumvent existing levy <br />limit law. No revenues derived from tax increment shall be used,fbr the <br />construction or renovation of a municipally owned building used primarily <br />and regularly for conducting the business of the municipality; this provision <br />shall not prohibit the use of revenues derived from tax increments for the <br />construction or renovation of a parking structure, a commons area used ns a <br />public park or it facility used for social, recreational or conference purposes <br />and not primarily for conducting the business of the municipality. <br />S. Notification of Prior Planned Improvements <br />Pursuant to Minnesota Statutes Section 273.76, Subdivision 4, the City has <br />r,viewed and searched the propertles to be included in the tax increment <br />financing redevelopment district and found no properties for which building <br />permits have been issued during the 13 months immediately preceding <br />approval of the tax increment financing pion by the city. If the building <br />J <br />