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Correspondence 1989-1992 Waldron
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Correspondence 1989-1992 Waldron
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2/18/2016 8:22:13 AM
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Pursuant to Minnesota Statutes, Se�tion �69.176, Subdivision <br />� 2, in any year in which the tax in�rement exceeds the amount <br />ne�essary to p�� the costs authorized by the tax increment <br />plan,, including �he amount necess�ry to cancel any tax lev� <br />as �arovided in M�nnesota _St�tutes, Section 475.61, <br />Subdivisi.o,n 3, the City shall use the excess amount to: <br />� <br />� <br />tJ . <br />V. <br />i. <br />2. <br />3w <br />4. <br />���pay its outs�anding �ax i�cremen� bo�ds; <br />dis�harge �he pledge of tax in�remen� th�reFor�� <br />p�y into a� ��craw acc�unt ded�ca��d �� the <br />�aymerat of �uch b�nd; <br />repa�r ar�y 1o�x�� ia�cluding inte�e�t on kh�se loans; <br />�r <br />5. r�turn ��.� �x��ss �o the �ov�nt�r �udi�o� ��r <br />rgdi�t,ribution �o the res�ec�fvc� ta�cing <br />jugisdi�ction� ira �aro�pa�tion �a �h��r r����ctive <br />tax capa�city ra�es. <br />In �dditio�, th+� C:��ty may chnos� �c► nnsdi�'y tk�o <br />finan�cir�q pl�n in �o�der fic� ��amote f��rt�� <br />within D�velopmc�nt Dfstxic� t�o. �.. <br />�2e�quirem�nt � �r Agrk�e�m��ta �itlh �h� ��er�],o�a�r <br />tax i�ncr�mes�� <br />r d�w��o�m�n� <br />Pursuant to �I� ne�c���► �t�tute�, �a�ct�or� �G9.17�, ��abdi����oa� <br />5, no m�r� �har� 25 �@rc�nt by acrQ�g� of �ha ��ap+�r�� �� �+� <br />Acquir�d b� �h� Cit}► �n 'the� rade�v�l�a�am�n� dis�ri�ct �ct�€��.1 be� <br />owr�ed by �thQ Ci�y �s � r��ul� of �cc���:�i�ic�r� wi��+ t�� <br />proc�eds �f k�onds �s�u�d pursuant to S�ckian �69a17� withaut <br />tho Ci�y hsvine� prior tc, aca�ui�it�on in �s�cr�s� a� 25 ��accc�n� <br />of th� �cr��gQ, concludQd in a�c�r�@m�n� �ar ��Q ��v��op��n� <br />o� the prop�rty acquirr�c� and wt�icP� p�o�i�a� �c�cr�ur�� f�ir <br />th� City should the �1Qvc��.opm�nt na� be co�apl��ed. <br />�lssessment Agr�em�nts <br />Pl,tr5Lii3ilt to di n C��t��� ���t�t��, SCCtla� �ft9. 17T � Sl��?d�.V'�s�Ofl <br />8, tHe City may, upon @ntc�rir�g �nto a dlev�lc�pment �groa�mnn� <br />pur�uant to t�innesot� St��„�, S�etian ���. �.76, Subdivi��ara <br />5, �nter into �n �gx�em�nt in r�cord�bl� fc�rm wit� th� <br />d�velopar of prop�rtx within th� t�x in�r�anr�r�t ��n�nc�ne� <br />di5�rict which �stablish�s a minimum t�x c�p�city 4f �he <br />land and compl�teci improvoments for th� du���ian c�f th+� tax <br />increment r�d�velopm�nt distri��. The ass���m�r�� �gr�am�n�. <br />shall b� present�:d to th�: county �ss��sor w1�4 sh�ll r�vi�w <br />th� Plans and speciEications far thE am�rav�m�nts tca be <br />constructcd, review the tax c�p�city► pr�viously a�sigr�ed to <br />th� land upon which the improv�m�n�� ar� �Q b� constructed <br />and so long �s the minimum tax c�p�city contain�d in th�e <br />
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