2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 (a) Not later than 60 days after money is transferred, advanced, or spent, whichever is earliest, the loan or advance must be authorized by resolution of the City. (b) The resolution may generally grant the City the power to make interfund loans under repaid. (c) The terms and conditions for repayment of the loan must be provided in writing. under Minnesota Statutes, Section 270C.40 or 549.09 as of the date the loan or advance 549.09 are from time to time adjusted. Loans or advances may be structured as draw- down or line-of-credit obligations of the lending fund. (1) the amount of any interfund loan or advance made in a calendar year; and (2) any amendment of an interfund loan or advance made in a calendar year. 3.04.7 First Year of Tax Increment Election and Duration of TIF District The duration to collect and spend tax increments on eligible purposes is set at the maximum December 31, 2042. 3.04.8 Estimated Impact on Other Taxing Jurisdictions Exhibit III and IV shows the estimated impact on other taxing jurisdictions if the maximum projected retained captured net tax capacity of the TIF District was hypothetically available to jurisdictions during the life of the TIF District, since the proposed development would not have occurred without the establishment of the TIF District and the provision of public assistance. A positive impact on other taxing jurisdictions will occur with completion of the Development general tax base. The City has capacity to accommodate the additional impact on city-provided services related to the proposed development. Through previous infrastructure projects, water and sewer services to the proposed development site have been installed in anticipation of increased protection duties and is positioned with the appropriate resources to support the Development. The City’s funding of the Centennial Fire Department and Centennial Lakes Police Department, and population of the City. To the extent the City’s market valuation and population increase as a result of the Development, the City’s costs for these services may increase. The issuance of DRAFT AS OF JUNE 5, 2024 9