Laserfiche WebLink
After the establishment and during the continuation of the District, as <br /> a result of the Redevelopment Project and the implementation of the <br /> Redevelopment Plan and the improvements in the District there has been an <br /> increase in the tax capacity of the taxable property in the District. If the tax <br /> increments derived from the District are not applied to pay the public <br /> redevelopment costs described in III. above, the District would terminate <br /> approximately three years earlier than would otherwise be the case assuming ad <br /> valorem taxes are paid with respect to the taxable property in the District in the <br /> anticipated amounts. Upon such termination such increased tax capacity would be <br /> available for taxation by the local governmental units. However, as a result of these <br /> Amendments such increase in valuation will not be available for taxation by the <br /> local governmental units until approximately one year later. <br /> V. DETERMINATIONS IN ORIGINAL FINANCING PLAN <br /> The determinations made in the Financing Plan with respect to <br /> designation of the District as a Redevelopment District and Housing District under <br /> the Minnesota Tax Increment Financing Act, the impact of the establishment of the <br /> District and the implementation of the Redevelopment Plan and undertaking of the <br /> Redevelopment Project.and the captured tax capacity of the District upon the <br /> redevelopment thereof are not affected by these Amendments and such <br /> determinations remain in full force and effect following the adoption of these <br /> Amendments. <br /> VI. ADDITIONAL AMENDMENTS TO PLAN <br /> The City and the HRA reserve the right to alter these Amendments <br /> and to further amend or modify the Redevelopment Plan, Redevelopment Project <br /> and the Financing Plan by their joint action, subject to the provisions of state law <br /> regulating such action. <br /> VII. ORIGINAL PLAN <br /> The Redevelopment Plan, .Redevelopment Project and the Financing <br /> Plan, except to the extent provisions thereof are explicitly amended or <br /> supplemented by these Amendments shall remain in and be in full force and effect. <br /> -3- <br />