Correspondence 1989-1992 Waldron

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Pursuant to Minnesota Statutes Section 469.176, Subdivision � 6, "if, after four years from the date of certification of the Original Net Tax Capacity of the tax increment financing district ..., no demolition, rehabilitation or renovation of parcel or other site preparation including improvement of a street adjacent to a property but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the authority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from that parcel and the Original Net Tax Capacity of that parcel shall be excluded from the Original Net Tax Capacity of the tax increment financing district. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including improvement of a street adjacent to that parcel, in accordance with the tax increment financing plan, the authority sha�.l certify to the county auditor in the annual disclosure report that the activity has commenced. The county auditor shall certify the value thereof as most recently certified by the commissioner of revenue and add it to the Original Net Tax Capacity of the tax increment financing dis�rict. R. Limitation on the Use of Tax Increment � All revenue d�rived from tax increment shall be used in accordance with the �ax increment financing plan The revenues shall be used to finance or otherwise a� capital �nd administrat�.on costs pursuant to ��nnesota Statutes, Section 469.124 through 469.134. These xevenues shall not be used to circumvent existing levy limit law. No revenues derived from tax increment sY�all be used for the construction, renovation, opera�tion or maintenance o� a building to be used primarily and regul�rly for conducting the busin�ss of a municipality, county, school district, or any other local unit af government or �he state or f�deraY government; this �rovision shall not prohibf� the use of reven�;2s derived from tax increments for the construction or renovatiAn of a parking structure, a commons area used as a public park or a facility used for social, recz�eational or conference purposes and not primarily for conducting the business of the muni�ipality. S. Notification of Pr7or Planned Improvem�nts Pursuant to Niinnesota Statues, Section 469.177, S�.�bdivisian 4, the Cit� has �€:view�d and searched the properties to be included in the tax increment financing redevelopment district. No permits have been issued for any of the projects under consideration. � T. Excess Tax Tncrement