PL PACKET 02212006 - Laserfiche WebLink

Home Browse Search

(fl For districts consisting of two or more noncontiguous areas, each area must qualify as a redevelopment district under paragraph (a) to be included in the district, and the entire area of the district must satisfy paragraph (a). In meeting the statutory criteria the HRA and City rely on the following facts and findings: ❑ The District is a redevelopment district consisting of 24 parcels. ❑ An inventory shows that parcels consisting of 70 percent of the area in the District are occupied by buildings, streets,utilities,paved or gravel parking lots or other similar structures. ❑ An inspection of the buildings located within the District finds that more than 50 percent of the buildings are structurally substandard as defined in the TIF Act. (See Appendix F). Pursuant to M.S.469.176 Subd. 7,the District does not contain any parcel or part of a parcel that qualified under the provisions of M.S 273.111 or 273.112 or Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the District. Subsection 2-7. Duration of the District Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. Ib, the duration of the District will be 25 years after receipt of the first increment by the HRA or City(a total of 26 years). The date of receipt by the City of the first tax increment is expected to be 2006. Thus, it is estimated that the District,including any modifications of the TIF Plan for subsequent phases or other changes,would terminate after 2031,or when the TIF Plan is satisfied. If increment is received in 2005,the term of the District will be 2030. The HRA or City reserves the right to decertify the District prior to the legally required date. Subsection 2-8. Original Tax Capacity,Tax Rate and Estimated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity(ONTC)as certified for the District will be based on the market values placed on the property by the assessor in 2003 for taxes payable 2004. Pursuant to M.S.,Section 469.177,Subds. l and 2,the County Auditor shall certify in each year(beginning in the payment year 2004)the amount by which the original value has increased or decreased as a result of 1. Change in tax exempt status of property; 2. Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court-ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. In any year in which the current Net Tax Capacity(NTC)value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the HRA or City. The original local tax rate for the District will be the local tax rate for taxes payable 2004,assuming the Housing and Redevelopment Authority of St Anthony Tax Increment Financing Plan for Tax Increment Financing District No.2-4