Agenda Packets - 1988/02/22 - Laserfiche WebLink

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(IN P. Limitation on Duration of Tax Increment Financing Districts Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, "no tax increment shall be paid to -an ... three years from the date of certification ... by the County Auditor ... unless within the three-year period (1) bonds have beeii issued pursuant to Section 469.178 or in aid of a project pursuant to any other law, except revenue bonds Issued pursuant to Minnesota Statutes, Sections 469.152 through 469.165, prior to August 1, 1979; or (2) the authority has acquired property within the district; or (3) the authority has constructed or caused to be constructed public improvements within the district ... " The City must therefore issue bonds, or acquire property, or construct or reuse public improvements to be constructed by 1991 or the Office of the County Auditor may dissolve the tax increment financing district. Q. Limitation on Qualification of Property in Tax increment District Not Subject to improvement Pursuant to Minnesota Statutes Section 469.176, Subdivision 6, "if, after four years from the date of certification of the original assessed value of the tax increment financing district ..., no demolition, rehabilitation or renovation of parcel or other site preparation Including improvement of a street adjacent to a property but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the am.iority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from that parcel and the original assessed value of that parcel shall be excluded from the original assessed value of the tax increment financing district. If the authority or the owner cf the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including improvement of a street adjacent to that parcel, in accordance with the tax increment financing plan, the authority shall certify to the county auditor in the annual disclosure report that the activity has commenced. The county auditor shall certify the assessed value thereof as most recently certified by the commissioner of revenue and add it to the original 'assessed value of the tax Increment financing district. R. Limitation on the Use of Tax Increment All revenues derived from tax increment shall be used in accordance with the tax increment financing plan. The ravenues shall be used to finance or otherwise pay public redevelopment costs pursuant to Minnesota Statutes, Chapter 469. These revenues shail not be used to circumvent existing levy limit law. No revenues derived from tax Increment shall be used for the construction or renovation of a municipal owned building used primarily and regularly for conducting the business of the municipality; this provision shall not prohibit the use of r-venues derived from tax increments for the construction or renovation of a parking structure, a commons area used as a public park or a facility used for social, recreational or conference purposes and not primarily for conducting the business of the municipality. 10