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2004_0112_Packet
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2004_0112_Packet
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5/12/2014 1:06:31 PM
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12/14/2009 1:39:03 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
1/12/2004
Meeting Type
Regular
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Date: O1/12/04 <br />Item: 9. A. <br />Tax Increment Financing <br />�� <br />��Iy�1Q�4 <br />EXPLANATION OF SPECIAL LEGISLATION <br />FOR TWIN LAKES REDEVELOPMENT AREA <br />Special legislation covers only the Twin Lakes Redevelopment Area, which is <br />described on another attachment. Included below is a brief synopsis of this <br />legislation. <br />The City may create one or more tax increment financing districts ("TIF <br />District") within the Twin Lakes Redevelopment Area provided that the TIF <br />District qualifies as either a redevelopment or soils condition TIF District. <br />2. The City must indicate at the time a TIF District is created that it is being <br />created under the rules contained in the Special Legislation. <br />3. The Five Year Rule (Minnesota Statutes, Section 469.1763, subd. (3)) has <br />been extended to a Nine Year Rule. Within nine (9) years from the date of <br />certification of a TIF District: <br />a. the City must pay for all qualifying expenses; or <br />b. the City must issue bonds for which tax increment generated after <br />the nine year limit ("Future Tax Increment") is pledged for debt <br />service; or <br />c. the City must contract with a third party for services to be provided <br />for which payment will be made from Future Tax Increment; or <br />d. an independent party must incur expenses for which it will be <br />reimbursed by the City with Future Tax Increment. <br />4. The City has no pooling limitations (Minnesota Statutes, Section <br />469.1763, Subd. 2)) on the tax increment generated from TIF Districts <br />located within the Twin Lakes Redevelopment Area. The City has twenty <br />(20) years in which it can utilize unlimited pooling among the TIF Districts <br />within the Twin Lakes Redevelopment Area. <br />5. The City has no local tax rate limitation (Minnesota Statutes, Section <br />469.177, Subd. 1 a)) when calculating the amount of tax increment to be <br />generated. Currently the local tax rate is certified when a TIF District is <br />created, effectively freezing that rate for the term of the TIF District. <br />Under the Special Legislation, the local tax rate would "float"; each year's <br />tax increment calculation would utilize that year's current local tax rate. <br />
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