Agenda - Council Work Session - 06/01/2010

Home

1 MINNESOTA STATUTES 2009 469.175 469.175 ESTABLISBING, CHANGING TIF PLAN, ANNUAL ACCOUNTS. Subdivision 1. Tax increment financing plan. (a) A tax increment financing plan shall contain: (1) a statement of objectives of an authority for the improvement of a project; (2) a statement as to the property within the project, if any, that the authority intends to acquire, identified by parcel number, identifiable property name, block, or other appropriate means indicating the area in which the authority intends to acquire properties; (3) a list of any development activities that the plan proposes to take place within the project, for which the authority has entered into an agreement or designated a developer including the names of the parties or designated developer, the activity governed by the agreement or designation, and the expected date of completion of that activity; (4) identification or description of the type of any other specific development reasonably expected to take place within the district, and the date when the development is likely to occur; (5) estimates of the following: (i) the cost of the project, including administrative expenses, and interest as a financing cost, which will be paid or financed with tax increments from the district, but not to exceed the estimated tax increment generated by the development activity; (ii) the amount of bonds to be issued; (iii) the original net tax capacity oftaxable real property within the tax increment financing district and within any subdistrict; (iv) the estimated captured net tax capacity of the tax increment financing district at completion; and (v) the duration ofthe tax increment financing district's and any subdistrict's existence; (6) statements of the authority's alternate estimates of the impact of tax increment financing on the net tax capacities of all taxing jurisdictions in which the tax increment financing district is located in whole or in part. For purposes of one statement, the authority shall assume that the estimated captured net tax capacity would be available to the taxing jurisdictions,without creation of the district, and for purposes of the second statement, the authority shall assume that none of the estimated captured net tax capacity would be available to the taxing jurisdictions without creation of the district or subdistrict; (7) identification and description of studies and analyses used to make the determination set forth in subdivision 3, clause (2); and Copyright (0 2009 by the Revisor of Statutes, State of Minnesota. All Rights Reserved.