Agenda - Planning Commission - 12/02/2010

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City of Ramsey, Minnesota For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F and Chapter 276A, the original net tax capacity of the TIF District shall be determined before the application of fiscal disparity. In subsequent years, the current net tax capacity shall either (a) be determined before the application of fiscal disparity or (b) exclude the product of any fiscal disparity increase in the TIF District (since the original net tax capacity was certified) times the appropriate fiscal disparity ratio. The method the City elects shall remain the same for the life of the TIF District, except that a single change may be made at any time from method (a) to method (b) above. The City elects method (a), or M.S. Section 469.1777, subdivision 3(a). The County Auditor shall certify to the City the amount of captured net tax capacity each year. The City may choose to retain any or all of this amount. It is the City's intention to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known as the retained captured net tax capacity of tlidT.IF District. Exhibit III gives a listing of the various information and assumptions used!ari•„pleParing a number of the exhibits contained in this TIF Plan, including Exhibit IV which shows the pfofeeted e.Mcrement generated over the anticipated life of the TIF District. u,:' r Section Q Use of TeX Increment ,i. � n•:. q.„ Each year the County Treasurer shall deduct 0.36% of the anrival tax incren)en„t generated by the TIFtistrict and pay such amount to the State's General Fund. Such amounts w III�be# appropnated to the State Auditor for the cost of financial reporting and auditing of fax increment financing inforriteMI fhrroughout the state. Exhibit III shows the projected deduction for this purpose over the aritic'pated life of the TIF# District. t'•'>C''�".'r'3 it v, iry The City has determined that it will use 100% ofth'e reinalning;tax increniepEgenerated by the TIF District for any of the following purposes: i1;1,' (".'N ?f'',, ,,,r,:>r._ Rio- . (1) pay for theestrmated,ypublic costs' offthe9TIF Distric�(seelSection K) and County administrative costs associated with the TlF Districf(§ee.Section T); 'q::u'.r +ary Ntdp t:oi .:':J. (2) pay pnrlcipal and interest �.on tax increment, bonds or other bonds issued to'finance the estimated public cdstatof the TIF District#., i''`s.' ear. (3) rQyg,aeeumulate a'+Teser securing fhe''paytnent of fax increment bonds or other bonds issued to B finance -the estimated public costs of the TIF District; pay all or a -portion of the,county road costs as may be required by the County Board under M.S. .., Section 469.175';Subdivision, t a; or 5 v it return excess tai' mcrements to the County Auditor for redistribution to the City, County and School 4 District. :,' n i,. Tax increments from pFoperty.located in one county must be expended for the direct and primary benefit of a project located within that countyt ji Tess both county boards involved waive this requirement. Tax increments shall not be, used to circumvent levy limitations applicable to the City. Tax increment shall not be used to finance the acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the State or federal govemment, or for a commons area used as a public park, or a facility used for social, recreational, or conference purposes. This prohibition does not apply to the construction or renovation of a parking structure or of a privately owned facility for conference purposes. If there exists any type of agreement or arrangement providing for the developer, or other beneficiary of assistance, to repay all or a portion of the assistance that was paid or financed with tax increments, such payments shall be subject to all of the restrictions imposed on the use of tax increments. Assistance includes sale of property at less than the SPRINGSTED Page 7 27