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2004_0920_Packet
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2004_0920_Packet
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Public Financing Tools Proposed <br />for Twin Lakes <br />HazardousSubstance Subdistrict <br />■ A subdistrict to the Tax IncrementDistrict where coritamination <br />exists <br />■ A'resporise action plan" must be approved by Minnesota <br />PollutionCoritrol Agency outlining coritamination and process for <br />cleanup <br />■ Tax Incrementsgeneratedfrom a HazardousSubdistrict can only <br />be used to pay the costs of coritamination clean up <br />■ The tax base is reducedto zero to assist i n the costs of <br />conpminadon clean up <br />■ Revenuenotes canalso be issuedfrom thetax incremerit <br />generatedfrom the HazardousSubdistrid <br />Public Financing Tools Proposed <br />for Twin Lakes <br />■ InfrastructureFunds: <br />■ Metropolitan Council Livable Communities Grant <br />■ State Departmerit of Employmentand Economic <br />Development Redevelopmerit Grant Funds <br />■ Cour�ty and State Regional Transportation Funds <br />■ Assessmerit and Other City Funding <br />Public Financing Tools Proposed <br />for Twin Lakes <br />■ EnvironmeritalGrantsavailable: <br />■ l.lS EPA Browrifield Clean Up Funds issued to the City <br />for use in Twin Lakes must be obligated by end of <br />2004 to be eligiblefor use in project. <br />■ Metropolitan Council Tax Base RevitalizationAccourit <br />Grants <br />■ State Departmeritof Employmentand Economic <br />Developmerit CoritaminationClean Up Grant Funds <br />■ Competitive Process based upon application <br />Common Misconceptionsabout <br />Tax Increment <br />. Property in a TIF District pays�q taxes OR <br />■ Property in a T!F District pays�� taxes <br />Inreality., . <br />• Real estate is taxed the same inside or outside of <br />aTIF District <br />• Assessordeterminesmarketvaluation <br />• State establishes class rates <br />. Variousunitsofgovernmeritdeterminetaxrates <br />4 <br />
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