CCP 11-12-1996 - Laserfiche WebLink

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I 1 financing districts. For example, if property class rates are compressed, existing tax .1 2 increment financing districts could experience revenue shortfalls which, in turn, could I 3 jeopardize the repayment of outstanding debt or other obligations, I 4 Response: Discussions about how to reform the property tax system must take into 5 account the potential impacts on tax increment districts. All property tax reform I 6 proposals must include a provision to hold harmless existing tax increment financing I 7 districts and provide sufficient state resources so that TIF obligations can be met. I 8 LE-3. Economic Development Programs I 9 Issue: The Minnesota Investment Fund is not adequately funded. The state does not I 10 authorize an adequate slate of tools for local governments to assist job creation, redevelop 11 blight and decay, and provide adequate housing choices, Cities are not well equipped to .. 12 compete nationally and internationally for business development. I 13 Response: 14 . More state resources should be contributed to the l\Iinnesota Investment Fund. I 15 . In the event that the LGA/HACA penalty is not eliminated, a portion of the revenues I 16 should be contributed to the Minnesota Investment Fund. These funds would then be 17 available for cities to retain businesses in the state and to attract business looking to I 18 relocate from other states. I 19 . The Minnesota Investment Fund should be continued and clear rules established to I 20 govern its use. The state and federal funds that fund this program should also be 21 allocated throughout the year to help ensure that projects across the state have access I 22 to the grants. .. 12 League of Minnesota Cities I >