Agenda - Council Work Session - 06/01/2010

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4 MINNESOTA STATUTES 2009 469.175 Subd. 3. Municipality approval. (a) A county auditor shall not certify the original net tax , capacity of a tax increment financing district until the tax increment financing plan proposed for that district has been approved by the municipality in which the district is located. If an authority that proposes to establish a tax increment financing district and the municipality are not the same, the authority shall apply to the municipality in which the district is proposed to be located and shall obtain the approval of its tax increment financing plan by the municipality before the authority may use tax increment financing. The municipality shall approve the tax increment financing plan only after a public hearing thereon after published notice in a newspaper of general circulation in the municipality at least once not less than ten days nor more than 30 days prior to the date of the hearing. The published notice must include a map ofthe area ofthe district from which increments may be collected and, if the project area includes additional area, a map of the project area in which the increments may be expended. The hearing may be held before or after the approval or creation of the project or it may be held in conjunction with a hearing to approve the project. (b) Before or at the time of approval of the tax increment financing plan, the municipality shall make the following findings, and shall set forth in writing the reasons and supporting facts for each determination: (1) that the proposed tax increment financing district is. a redevelopment district, a renewal or renovation district, a housing district, a soils condition district, or an economic development district; if the proposed district is a redevelopment district or a renewal or renovation district, the reasons and supporting facts for the determination that the district meets the criteria of section 469.174, subdivision 10, paragraph (a), clauses (1) and (2), or subdivision lOa, must be documented in writing and retained and made available to the public by the authority until the district has been terminated; /" ~' .1-/l\! 0 \ ^ '":):. .. f h .. 1. (2) at, m the opmlOn 0 t e mUlllClpa lty: (i) the proposed development or redevelopment would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future; and (ii) the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. The requirements of this item do not apply if the district is a housing district; (3) that the tax increment financing plan conforms to the general plan for the development or redevelopment of the municipality as a whole; Copyright <<;J 2009 by the Revisor of Statutes, State of Minnesota. All Rights Reserved.