pf_03405 - Laserfiche WebLink

Home

approve a tax increment financing plan. The plan must describe project objectives, development activities, the type of development expected to occur and when it is likely to occur, development contracts already entered into, estimated costs, revenue projections, and the impact TIF will have on taxing jurisdictions in which the district is located. The city or authority must provide the affected county and school boards with an opportunity to comment on the plan, and it must hold a public hearing. Before approving a tax increment financing plan, the city or authority must issue written reasons and facts supporting the creation of the district. The critical finding must be that the proposed development would not be reasonably expected to occur solely through private investment within the foreseeable future and without the use of tax increment financing the development would not happen. This finding is referred to as the "but for" test. The city or authority is required to meet several reporting requirements enacted by the Minnesota legislature. These include filing the TIF plan with the Minnesota Department of Revenue and filing annual disclosure and financial statements (including statements of bonded indebtedness) with the county board, county auditor, school board(s), the Office of the State Auditor, and the State Revenue Department. History of Redevelopment Efforts The U.S. Housing Act of 1949 was the first major commitment by the federal government to fund slum clearance; this effort was later called redevelopment and urban renewal. Funding was provided for such activities as acquisition, demolition, and the resale of ",ind, often at prices comparable to raw land costs in the same urban area. The Housing Act of 1 !354 amended basic national legislation to provide for both the clearance and rehabilitation of structures. Consistent with the national legislation, the Minnesota legislature passed legislation in 1947 enabling cities to establish housing and redevelopment authorities; Minneapolis established such an agency in 1947 and began using federal funds to deal with deteriorated areas. Large neighborhood rehabilitation programs were undertaken in the late 1950s and early 5