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86 <br /> The financing plan also includes estimates of costs,bonded indebtedness to be incurred, <br /> increment to be produced and duration of the district. This information is required to be contained in <br /> the financing plan by the TIF Act. <br /> The financing plan provides that the City elects to make a"qualifying local contribution" <br /> with respect to the new tax increment financing district. Since the district is a redevelopment district the <br /> qualifying local contribution is 5% of the increment. By making this election the option is preserved that <br /> if such contribution is made to the redevelopment of the shopping center by the City or HRA from other <br /> than tax increment funds, the City will avoid a reduction in state aid as a result of the district. At the <br /> present time it is proposed that the HRA apply funds to pay a portion of the cost of the storm sewer <br /> improvements. The adoption of the financing plan does not commit the HRA to provide such funds. <br /> Such commitment would be made in the redevelopment agreement with the redeveloper of the <br /> shopping center. <br /> A draft of the tax increment financing plan was provided to the St. Anthony School <br /> District and Ramsey County 30 days prior to the July 25'public hearing for their review and comment <br /> as required by the TIF Act. <br /> JPG:cmn <br /> • -2- <br /> DORSEY & WHITNEY LLP <br />