CC PACKET 08251992 - Laserfiche WebLink

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Statutes, Section 475.61, Subdivision 3, and then shall be used to prepay or discharge outstanding Tax Redevelopment Increment Bonds or pay additional Redevelopment Costs. F. Impact of Tax Increment Financing on Other Taxing Iurisdictions. The local government units other than the City which are authorized by law to levy ad valorem property taxes and in which the District is located, are Independent School District No. 282, Ramsey County, the HRA, and various metropolitan area authorities, including the Metropolitan Council, the Metropolitan Transit Commission, the Metropolitan Airports Commission and the Metropolitan Mosquito Control District (the local government units). The taxing jurisdictions encompassing the District will continue to receive taxes as if the Original Tax Capacity of the District were unchanged. This precludes the jurisdictions from benefiting from a portion of the increase in Tax Capacity which results from the improvements to Parcels in the District or other . development set forth in Exhibit F is an estimate of the impact of the Creation of the District in the taxing jurisdiction of the taxable property in the District. IV. AMENDMENTS TO PROGRAM AND PLANS The HRA reserves the right to amend the Redevelopment Project and the Redevelopment Plan and Financing Plan, subject to the provisions of state law regulating such action. The HRA specifically reserves the right to enlarge the geographic area included in the District, to increase the Public Redevelopment Costs and the principal amount of Tax Increment Bonds to be issued to finance such Public Redevelopment Costs, by following the procedures specified in Section 469.175, Subdivision 4, if and when it is determined to be necessary for the payment of additional Public Redevelopment Costs. -10-