2003_0915_packet - Laserfiche WebLink

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Parcels to be Acquired -- The City intends to acquire property within Tax Increment Financing District loo. 12 for resale to private developers Estimated imaunt of Loanfflonded indebtedness — Tax increments colle-etcd from TIF District i o.2 will be utilized on a "pay as you go" basis to assist with capital and administrative costs throughout the City. The city reserves the right to issue bonds within TIF District No. 12 not to exceed $1.5 million' * D uratio n of District — The duration of the TIF District No. 12 is 25 expmring in 2015. 0 Limitation on Duration of the 'CIF District o No tax increment shall be paid by an authority three years from the date of certificationby the County Auditor unless within the three year period (I) bonds have been issued (2) the Authority has ucquiredproperty within the district (3) the authority has constructed improvements, he City acquired theproperty in 1991 so this limitation is no longer uprobiem), o If after 4 years from the date of certification of the Original Estimated Market Value of the TIF district, no demolition, rehabUitafion or renovation of theparcei or other site preparation has occurred, no additional tax increment may be taken from that P arc el. h e Cif made improve an ts to the school after p u rch asc, o r th a ciivity i center use so the knock down rule has been achieved). Limitation on e use of TIF -- the ZF shall be used to finance or otherwise pair public capital and administrativecosts pursuant to Minnesota Statutes, Section469.124 through 469.134. (State Statute section attached as Exhibit #2). No revenues derived from tax increment shall be used for the construction, renovation, operation or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government; this provision shall not prohibit the use of revenues derived from tax increments for the constructionor renovation of a parking structure, a conxmons area used as a p .ILblic park or a facility for social recreational or conference p 9poses and not primarily for conducting the business of a municipality. op The City may choose to modify the tax increment financing plan for TIF District No. 12 in order to promote further development throughout the entire city and within the ability provided within Development District No. I (us outlined in 23 above). 3.5 Development Attorney Jim Casserly, bass Monroe has suggested that the TIF District Financing Plan will need to be modified once the City Council mares a detenrdnation regarding the future use of TIE generated f vDm the App lewd od Pointe Project. The current financing plan indicates that TIF generated from the site (originallyplanned for NCR training facility) would be used for capital and infrastructure costs associated with the NCR expansion. RCA TEF District #12 (080403) - Page 3 of 5