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<br />Public Financing Tools Proposed <br />for Twin Lakes <br /> <br />. Hazardous Substance Subdistrict <br /> <br />. A subdistrict to the Tax Increment District where contamination <br />exists <br />. A "response action plan" must be approved by Minnesota <br />Poliution Control Agency outlining contamination and process for <br />cleanup <br />. Tax Increments generated from a Hazardous Subdistrict can only <br />be used to pay the costs of contamination ciean up <br />. The tax base is reduced to zero to assist In the costs of <br />contamination clean up <br />. Revenue notes can also be issued from the tax increment <br />generated from the Hazardous Subdistrict <br /> <br />Public Financing Tools Proposed <br />for Twin Lakes <br /> <br />. Infrastructure Funds: <br />. Metropolitan Council Livable Communities Grant <br />. State Department of Employment and Economic <br />Development Redevelopment Grant Funds <br />. County and State Regional Transportation Funds <br />. Assessment and Other City Funding <br /> <br />Public Financing Tools Proposed <br />for Twin Lakes <br /> <br />. Environmental Grants available: <br />. US EPA Brownfield Clean Up Funds issued to the City <br />for use in Twin Lakes must be obligated by end of <br />2004 to be eligible for use in project. <br />. Metropolitan Council Tax Base Revitalization Account <br />Grants <br />. State Department of Employment and Economic <br />Development Contamination Clean Up Grant Funds <br />. Competitive Process based upon application <br /> <br />Common Misconceptions about <br />Tax Increment <br />. Property in a l1F District pays no taxes OR <br />. Property in a l1F District pays more taxes <br /> <br />In reality... <br /> <br />Real estate is taxed the same inside or outside of <br />a TIF District <br /> <br />Assessor determines market valuation <br /> <br />State establishes class rates <br /> <br />Various units of government determine tax rates <br /> <br />4 <br />