Agenda - Planning Commission - 12/02/2010

Home

City of Ramsey, Minnesota The City reserves the right to enter into an assessment agreement for individual projects. Section Z Modifications of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; increase in the amount of bonded indebtedness to be incurred; increase in the amount of capitalized interest; increase in that portion of the captured net tax capacity to be retained by the City; increase in the total estimated public costs; or designation of additional property to be acquired by the City shall be approved only after satisfying all the necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: r.g,rr,:v (1) the only modification is elimination of parcels from the TIF. District'and • 7^a ,tf, x:iy'„>4—, (2) the thosep arcelst nentax capacity of the ripparcels cl net liminequals'orrexceeds the net tax capacity of cape* theTIF tax or the City=agrees that the TIF District's original net tax capacity will be reduced by no more;'than the current 'h tax capacity of the parcels eliminated.:,; t It ,q„��li„ ili4¢' . j, r9 aii� ,jr' 7��ir',: The City must notify the County Auditor of any mod�cation�ltliat reduces or enlarges the geographic.area of the TiF District. The geographic area of the TIF District may be reduced but not enlar' "ed after five years following the date of certification. j µ t,, it:, w Section AA Administration of the Tax Iricremeht Financing Pled 4 . ,�,. •,, r r,rife Upon adoption of the TIF Plan, the City shalt submita copy'ofsuch plan to tt)e Minnesota Department of Revenue. The City shall also request that the,County Auditor certify the, opginal'net fax caeacity and net fax capacity rate of the TIF District. To assist the Count'' Auditor,in this process, the City she l�subinit copies of the TiF Plan, the resolution establishing the TIF Distract a„'rid"'adoptir gtthe TIF Pier-0nd "a listing of any prior planned improvements. The City shall also send the CountyAs'sessor any assessment agreement establishing the minimum market value of land and improvements in the TIRDistricf, and shallYrequest thaf'th.eu County Assessor review and certify this assessment agreement as reasonable:'�j:;i°',:., The Countyshall distribute to t1eiCity'the amountofifaz increment as it becomes available. The amount of fax :distribute �, increment iriiany year represents the applicable property taxes generated by the retained captured net fax capacity of the TIF;Dist'nct. The amoiint"of fax increment may change due to development anticipated by the TIF Plan, other development, inflation of proper fyy values; or changes in property classification rates or formulas. In administering and implementing the TIF Plan, the following actions, should occur on an annual basis: (1) Y'r prior to July 1, t1$eCity shall notify the County Assessor of any new development that has occurred tni,the TIF Distric:'during the past year to insure that the new value will be recorded in a timely rrtapher. u Nj (2) if the County Auditor receives the request for certification of a new TIF District, or for modification of an existing TIF District, before July 1, the request shall be recognized in determining local tax rates for the current and subsequent levy years. Requests received on or after July 1 shall be used to determine local tax rates in subsequent years. each year the County Auditor shall certify the amount of the original net tax capacity of the TIF District. The amount certified shall reflect any changes that occur as a result of the following: (a) the value of property that changes from tax-exempt to taxable shall be added to the original net tax capacity of the TiF District. The reverse shall also apply; (3) SPRINGSTED Page 11 31