Agenda - Council - 12/10/1996 - Laserfiche WebLink

Home

I I I J. Excess Tax Increment. Pursuant to §469.176, Subd. 2 of the TI~F Act, in any year in which the increment exceeds the amount nece§sary to pay the costs authorized by the TIF Plan, the City shall use the excess amount to do any~of the following, in the order determined by the City: 1. prepay any outstanding bonds; I I I 2. discharge the pledge of tax increment, therefore; 3. pay mounts into an escrow account dedicated to the payment of bonds; or 4. re ,tt)rn the excess amount to the Anoka County Auditor who shall distribute the excess amount to the City, the County and Anoka-Hennepin Independent School Digtrict No. 11 in direct proportion to their respective tax capacity rates. In addition, the Ci!_y may choose to modify the ~ Plan again in order to provide for other public improvements within the Development District. Limitation of Increment. No increment shall be paid to the City from TIF District No. 7 after three years from the date of certification of the original tax capacity of the taxable real property in the Diswict by the county auditor, unless within the three year period (a) bonds have been issued pursuant to §469.178 of the TIF Act or other law, except revenue bonds issued pursuant to M.S. §469.152 to §469.165, or (b) the City has acquired property within TIF District No. 7, or (c) the City has constructed, or caused to be constructed, public improvements within TIF District No. 7. If, ~ter four years from the date of certification of the original tax capacity of TIF District No. 7, no demolition, rehabilitation, or renovation of property, or other site pregaration, including qualified improvement of a street or right-of-way adjacent to a parcel but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TIF District No. 7 by the Cityi or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original tax capacity of that parcel shall~ be excluded from the original tax capacity of the TI~ District. If these actMties subsequently commence, the City shall so certify to the county auditor, the tax aapacity of the property as most recently certified by the commissioner of revenue may be added to the TIF District's original tax capacity. No tax increment shall in any event be paid to the City from TIF District No. 7 after twenty-five years from the date of receipt by the City of the first increment. o Pursu. ant to §469.1763, subd. 2 of the TIF Act, at least 75 percent of the revenue derived from tax increments paid by properties in TIF District No. 7 will be expefided on activities ("Activities") in the TIF District or to pay bonds, to the extent that the proceeds of the bonds were used to finance Activities in the T~ DisMct or to pay, or secure payment of, debt service on credit enhanced bonds (as i0