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1999-02-10
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1999-02-10
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12/21/2009 10:31:26 AM
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TAX INCREMENT FINANCING BASICS <br /> CITY OF CENTERVILLE, MINNESOTA <br /> Presented By: Ehlers and Associates, Inc. <br /> I. PROJECTS AND DISTRICTS <br /> A. Projects. Tax increment financing is used in conjunction with underlying development and <br /> redevelopment powers. Tax increments must be spent within particular geographic areas created <br /> under the development statutes. The basic planning area is referred to as a "Project," which also <br /> has other names: <br /> City: Development District <br /> HRA: Redevelopment Project <br /> EDA: Economic Development District <br /> All Projects require a general development or redevelopment plan, approved after a public hearing. <br /> The boundaries tend to be large areas within which the authority intends to promote development or <br /> redevelopment. <br /> B. TIF Districts. TIF District are the specific parcels within a Project area from which tax <br /> increment will be captured. There are five general types. <br /> 1. Redevelopment District <br /> Qualifications: <br /> (a) Parcels that make up 70% of the 'district are improved, and more than 50% of the <br /> buildings (excluding outbuildings) are structurally substandard to a degree requiring <br /> substantial renovation or clearance. <br /> (b) the district consists of vacant, un used, under used, inappropriately used, or <br /> infrequently used rail yards, rail storage facilities or excessive or vacated railroad <br /> rights -of -way. <br /> Term and restrictions: May collect increment for twenty-five years after the date of <br /> receipt of the first increment. At least 90% of the increment must be used to finance the <br /> cost of correcting conditions that allow designation of redevelopment districts. <br /> Tax Increment Financing Basics - City of Centerville Page 1 <br />
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