Agenda Packets - 1986/10/06 - Laserfiche WebLink

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3. pay into an escrow account dedicated to the payment of such bonds; or 4. videdturainexcess Sectionamount to 273 75, Subdth2, ofotheyTaxu increment Financingdistribution ass pro Financing Act. Minnesota Statutes, 5273.75, Subd. 2. 11. Pursuant to Section 273.751 subd 1, of the Tax Increment Financing Act: 1. No tax increments shall be paid to the City for the Tax Increment Financing District after three (3) years from the date of certification of the original assessed value of the taxable property In the Tax the County three (3)eyear tFinancing yAuditor period: bonds have been issued pursuant to Section 273.77 or in aid of a project pursuant to Any other law, except revenue bonds Issued pursuant to Chapter 474 prior to August 1, 1979, or (b) the City has acquired property within the Tax Increment Financing District or (c) the City has constructed or caused to be constructed public improvements with the Tax Increment Financing District. 2. The tax Increments pledged to the payment of bonds and interest thereon may be discharged and the Tax increment Financing District may be terminated if sufficient funds have been Irrevocably deposited in the debt service fund or other escrow account held In trust for all outstanding bonds to provide for the payment df the bonds at maturity or redemption date. 3. No tax Increments shall in any event be paid to the City from the Tex Increment Financing District after twenty-five (25) years from the date of the receipt by the City of the first tax Increment or twenty-five (25) years from approval of each Tax Increment Financing Plan, whichever Is less. Modification of each Tax Increment Financing Plan pursuant to Section 273.74, Subd.'4, of the Tax increment Financing Act shall not extend the du:ationnl limits of that provision. 4. if, after five (5) year from the date of certification of the original 273.75d of lathe f the Tax Tax I Increment IncrementFinancing FI ancingAct, no demolitioict pursuant n, sitpre rehabilitation or renovation of property or nreelr but not Instaillationetng of Ian Improvement of a street adjacent to a p been commen the Taxoincrement Financingocated within aD strict by the ecity or by the ed on a parcel towner of the parcel In accordance with the Tax Increment Financing Plan, no additional tax Increments may be taken from that parcel, and the original assessed from the original assessed value of the value of that parcel shall be excluded Tax Increment Financing District. If the City or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site prepnrntion on that parcel, Including Improvement of a street adjeeent to that parcel, in accordance with the Tax Increment Financing Plan, the authority shall certify to the County Auditor that the activity has 4, F-4