2005-08-02 P & Z Agenda - Laserfiche WebLink

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Subsection 2.9. Sources of Revenue. Public improvement costs, acquisition, site preparation costs and other costs outlined in the Estimated Cost of Project (Subsection 2.7 above) will be financed through the annual collection of tax Increment revenues as described below and such other permissible revenue sources as detennined by the City including Bonds referenced in Subsection 2.8. The City expects to retain 100 percent of the tax increment for payment of the City's obligations. Subsection 2.10. Estimated Oriainal and CaDtured Tax CaDadties. The most recent original tax capacity of Tax Increment Financing District No. 1-6 is estimated to be $10.350. The estimated captured tax capacity of Tax Increment Financing District No. 1-6 at the time the tax increment becomes payable is expected to be $37.606. Subsection 2.11. TVDe of Tax Increment Finandna District. Tax Increment Financing District No. 1-6 is, pursuant to Minnesota Statutes Section 469.174, SUbd. 10, a "Redevelopment District" defined as type of tax increment financing district consisting of a project, or portions of a project, within which the authority finds by resolution that one or more of the following conditions, reasonably distributed throughout the district, exists: (1) parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance; (2) the property consists of vacant, unused, underused, inappropriately used, or infrequently used rail yards, rail storage facilities, or excessive or vacated railroad rights-of-way; (3) tank facilities, or property whose immediately previous use was for tank facilities, as defined in section 115C.02. subdivision 15, if the tank facilities: (I) have or had a capacity of more than 1,000,000 gallons; (ii) are located adjacent to rail facilities; and (iii) have been removed or are unused, underused, inappropriately used, or infrequently used; (4) a qualifying disaster area. Subsection 2.12. Duration of Tax Increment Finandna District No. 1-6. The duration of Tax Increment Financing District No. 1-6 is expected to be twenty-three (23) years from the receipt of the first tax increment. The date of receipt of the first tax increment is anticipated in the year 2008. Thus, it is estimated that the Tax Increment Financing District, including any modifications for subsequent phases or other changes would tenninate in the year 2030. -Page3- I I. _