PL PACKET 02212006 - Laserfiche WebLink

Home Browse Search

Pay-As-You-Go $73,821,749 Interfund Loans $20,000,000 Bond Principal $73,821,749 The above budget is organized according to the Office of State Auditor (OSA) reporting forms. It is estimated that the cost of improvements,including administrative expenses which will be paid or financed with tax increments, will equal$241,465,247 as is presented in the budget above. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. The cost of all activities to be considered for tag increment financing will not exceed,without formal modification,the budget above pursuant to the applicable statutory requirements. Pursuant to M.S., Section 469.1763, Subd 2, no more than 20 percent of the tax increment paid by property within the District will be spent on activities related to development or redevelopment outside of the District but within the boundaries of the Project, (including administrative costs, which are considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. Subsection 2-11.State Tax Increment Financing Aid (Local Contribution) M.S., Section 273.1399(LGA/HACA penalty)was repealed by the 2001 Legislature and does not apply to the District. Subsection 2-12.Fiscal Disparities Election Pursuant to M.S., Section 469.177, Subd. 3, the HRA or City may elect one of two methods to calculate fiscal disparities. If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause b, (within the District)are followed,the following method of computation shall apply: (1) The original net tax capacity shall be determined before the application of the fiscal disparity provisions of Chapter 276,4 or 473F. The current net tax capacity shall exclude any fiscal disparity commercial-industrial net tax capacity increase between the original year and the current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section 276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the original net tax capacity is equal to or greater than the current net tax capacity, there is no captured tax capacity and no tax increment determination. Where the original tax capacity is less than the current tax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereof which the authority has designated, in its tax increment financing plan, to share with the local taxing districts is the retained captured net tax capacity of the authority. (2) The county auditor shall exclude the retained captured net tax capacity of the authority from the net tax capacity of the local taxing districts in determining local taxing district tax rates. The local tax rates so determined are to be extended against the retained captured net tax capacity of the authority as well as the net tax capacity of the local taxing districts. Housing and Redevelopment Authority of St Anthony Tax Increment Financing Plan for Tax Increment Financing District No.34