Agenda - Council Work Session - 06/01/2010

Home

5 MINNESOTA STATUTES 2009 469.175 (4) that the tax increment financing plan will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or redevelopment of the project by private enterprise; (5) that the municipality elects the method of tax increment computation set forth in section 469.177, subdivision 3, paragraph (b), if applicable. (c) When the municipality and the authority are not the same, the municipality shall approve or disapprove the tax increment financing plan within 60 days of submission by the authority. When the municipality and the authority are not the same, the municipality may not amend or modify a tax increment financing plan except as proposed by the authority pursuant to subdivision 4. Once approved, the determination of the authority to undertake the project through the use of tax increment financing and the resolution of the governing body shall be conclusive of the findings therein and of the public need for the financing. (d) For a district that is subject toJhe requirements of paragraph (b), clause (2), item (ii), the municipality's statement of reasons and supporting facts must include all of the following: (1) an estimate of the amount by which the market value of the site will increase without the use of tax increment financing; (2) an estimate of the increase in the market value that will result from the development or redevelopment to be assisted with tax increment financing; and (3) the present value of the projected tax increments for the maximum duration ofthe district permitted by the tax increment financing plan. (e) For purposes of this subdivision, "site" means the parcels on which the development or redevelopment to be assisted with tax increment financing will be located. Subd. 4. Modification of plan. (a) A tax increment financing plan may be modified by an authority. (b) The authority may make the following modifications only upon the notice and after the discussion, public hearing, and findings required for approval of the original plan: (1) any reduction or enlargement of geographic area of the project or tax increment financing district that does not meet the requirements of paragraph (e); (2) increase in amount of bonded indebtedness to be incurred; (3) a determination to capitalize interest on the debt if that determination was not a part of the original plan; (4) increase in the portion of the captured net tax capacity to be retained by the authority; Copyright <<;! 2009 by the Revisor of Statutes, State of Minnesota. All Rights Reserved.