2013-01-02 CC Packet - Laserfiche WebLink

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TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1 -7 ARTICLE I — INTRODUCTION AND DEFINITIONS SECTION 1.01 INTRODUCTION The City of Centerville proposes to provide tax increment financing assistance to facilitate pubic improvements and private development projects in the business district and surrounding area of the City. This document contains the plan for achieving the objectives of the Development Program for Municipal Development District No. 1 through the establishment and use of Tax Increment Financing (Economic Development) District No. 1-7. SECTION 1.02 DEFINITIONS For the purposes of this document, the terms below have the meanings given in this section, unless the context in which they are used indicates a different meaning: 1. "City" means the City of Centerville, Minnesota. 2. "City Council' means the City Council of the City. 3. "County" means Anoka County, Minnesota. 4. "Developer" means a party undertaking construction or renovation in the TIF District. 5. "Development District" means Municipal Development District No. 1 in the City, created and established pursuant to and in accordance with the Development District Act. 6. "Development District Act" means Minnesota Statutes, Sections 469.124 through 469.134, as amended and supplemented from time to time. 7. "Development Program" means the Development Program for the Development District, as amended and supplemented from time to time. 8. "Project Area" means the geographic area of the Development District. 9. "School District" means Centennial Public School District (ISD #12). 10. "State" means the State of Minnesota. 11. "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1799, both inclusive. 12. "TIF District" means Tax Increment Financing (Economic Development) District No. 1 -7. 13. "TIF Plan" means the tax increment financing plan for the TIF District (this document). SECTION 1.03 PLAN PREPARATION This document was prepared for the City by Northland Securities, Inc. Project data was provided by City Staff. ADOPTED ( -1-112)