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Last modified
7/17/2007 2:31:36 PM
Creation date
3/16/2006 8:45:27 AM
Metadata
Fields
Template:
Planning Files
Planning Files - Planning File #
3551
Planning Files - Type
Planning-Other
Project Name
Twin Lakes
Status
Active
Additional Information
Special Legislation, TIF
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<br /> <br />FOR TWIN LAKES REDEVELOPMENT AREA <br /> <br />Special legislation covers only the Twin Lakes Redevelopment Area, which is described <br />on another attachment. Included below is a brief synopsis of this legislation. <br /> <br />1. The City may create one or more tax increment financing districts ("TIF District") <br />within the Twin Lakes Redevelopment Area provided that the TIF District qualifies <br />as either a redevelopment or soils condition TIF District. <br /> <br />2. The City must indicate at the time a TIF District is created that it is being created <br />under the rules contained in the Special Legislation. <br /> <br />3. The Five Year Rule (Minnesota Statutes, Section 469.1763, subd. (3)) has been <br />extended to a Nine Year Rule. Within nine (9) years from the date of certification <br />of a TIF District: <br /> <br />a. the City must pay for all qualifying expenses; or <br /> <br />b. the City must issue bonds for which tax increment generated after the nine <br />year limit ("Future Tax Increment") is pledged for debt service; or <br /> <br />c. the City must contract with a third party for services to be provided for <br />which payment will be made from Future Tax Increment; or <br /> <br />d. an independent party must incur expenses for which it will be reimbursed <br />by the City with Future Tax Increment. <br /> <br />4. The City has no pooling limitations (Minnesota Statutes, Section 469.1763, <br />Subd. 2)) on the tax increment generated from TIF Districts located within the <br />Twin Lakes Redevelopment Area. The City has twenty (20) years in which it <br />can utilize unlimited pooling among the TIF Districts within the Twin Lakes <br />Redevelopment Area. <br /> <br />5. The City has no local tax rate limitation (Minnesota Statutes, Section 469.177, <br />Subd. 1a)) when calculating the amount of tax increment to be generated. <br />Currently the local tax rate is certified when a TIF District is created, effectively <br />freezing that rate for the term of the TIF District. Under the Special Legislation, <br />the local tax rate would "float"; each year's tax increment calculation would <br />utilize that year's current local tax rate. <br /> <br />6. The City can create TIF Districts within the Twin Lakes Redevelopment Area <br />through December 31, 2013. <br />
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