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<br /> l~(l1 I <br />14 MinnesoLl Solutions ,. <br />A city may not choose to make the, LGNHACA contribution during one year and the I <br />LGNHACA election another. The choice must be made upon certification of the tax -- <br />increment financing district <br />The LGNHACA election is usually preferable to making the LGNHACA contribution. I <br />Original tax capacity: The "base value" is the tax capacity of taxabie property within the tax <br />increment financing district at the time of certification. It is the original tax capacity that I <br />continues to be availabie to all applicable taxing jurisdictions for the duration of the tax <br />increment financing district <br />Pay-as-you-go: A financing method whereby the developer pays up front the various tax I <br />increment financing eligible costs and the Authority reimburses the developer tax increment <br />that is collected over time as a result of the development <br />Project or project area: A project area can be as large as a city's boundaries, but cannot be I <br />smaller than the tax increment financing district tax increment financing districts need to be <br />located within a project area. All projects require a plan which must be approved after a I <br />public hearing. <br />Public review process: When a tax increment financing plan is proposed or amended: I <br />. Council calls for public hearing to modify or adopt redevelopment project and tax <br /> increment financing plan .. <br />. Plans sent to school tax increment financing district and county for review and comment <br />. Planning Commission reviews project for compliance with Comprehensive Plan if parcels <br /> are outside existing project areas and project area is being eniarged. I <br />. Council holds public hearing/plans approved. <br />. Tax increment financing plans are certified to county and state. <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> .. <br />November 19, 1997 I <br />