6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

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Pursuant to M.S., Section 469.176, Subd. 6: rf, after four years from the date of certification of the original net tax capacfty of the tax incrementfinancfngdistrictpursuantto M.S., Section 469.I77, no demolition, rehabilitatiora or renovation of pt'operty at' other site preparation, includfng qualified impravement of a street adjacent to a parcel but not installation of utility service includang sewer or tivater systems, has been com►nenced on aparcel located wathira a tax incrementfinancingdistrict by the authority or by the owner of the parcel in accordance with the tax incrementfinancing plan, no additional tax increrraent rraay be taken from that parce7 and the original net tax capaciry of that parcel shall be excluded from the original net tax capacity of the tax increrraent financing disirict. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on thatparcel indudang yualified improvernent of a street adjacerat to that parcei, in accordance with the tax incrementfanancingplan, the authority shadd cert� to the counry auditor that the activity has commenced and the county auditor shall certify the net tax capacity thereof as most recently certifaed by the commissioner ofrevenue and add it to the original net tax capacity af the tax incrementfanancing district. The counry auditor must enforce the pravisians ofthis subdivision. �'he authoriry must submit to the caunty auditor evidence that the required activity has taken place far each parcel in the district. The evidence for a parcel must be submitted by February 1 af the fifth yearfollowing the year in tivhich the parcel was certif ed as included ira the district. For purpases of this subdivfsian, qualtfted improvemerrts of a street are limited ta (1) construction or opening of a new street, (2) relocation of a street, and (3) substantial reconstruction or rebuilding of an existing street. The City or a property owr�er must improve parcels within the District by approximately December 2015 and report such actions to the County Audiior. 5ubsection 2-20. Use of Tax Increment The City hereby determines that it wiit use i 00 percent of the captured net ta�c capacity of taxable property located in the District for the follawing purposes: 1. To pay the principal of and interest on bonds issued to finance a project; 2. to finance, or otherwise pay the capital and adn:zin�stration costs of Develop�nent District No. 1 pursuant to M.S., Sections 469.124 to 469.134; 3. To pay for project costs as identified in the budget set forth in the TIF Plan; 4. To finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4; S. To pay principal and interest an any Ioans, advances or other payments made to or on behalf of the City or for the benefit of Developrnent District No. 1�y a deve�oper; 6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing the payment when due of principal of and interest on bonds pursuant ta the TIF Plan or pursuant to M.S., Chapter 462C. M.S., �'ections 469.152 through 469.165, and/or M,S., Sectioras 469.178; and 7. To accumulate or maintain a resezve secuzing the payment when due af the principal and in�erest on the t� incre�nent bonds or bonds issued pursuar►t to M.S., Chapter 46.2C, M.S., Sections 4b9.1S2 through 4b9.165, and/or M.S., Sections 469. I78. These reven�es shail not be used to circumvent any le�y limitations applicable to the City nor for other purposes prohibited by M.S., Section 469.17b, Subd. 4. Tax incre�nents generated in the District will be paid by Ramsey Coun#y to the City for the Tax Increment F�nd of said District. The City will pay to the developer(s) annually an amount not to exceed an amouni as specified in a develaper's agreement to reimburse the casts of land acquisition, public improvements, Gity of Arden Hilis Tax Increment Financing Plan for TIF District No. 4 2-1 t