Agenda - Council - 09/12/1995 - Laserfiche WebLink

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4. return the excess amount to the Anoka County Auditor who shall distribute the excess amount to the City, the County and Anoka-Hennepin Independent School District No. 11 in direct proportion m their respective tax capacity rates. In addition, the City may choose to modify the TIF Plan again in order to provide for other public improvements within the Development District. K. Limitation of Increment. No increment shall be paid to the City from TIF District No. 6 after three years from the date of certification of the original tax capacity of the taxable real property in the District by the county auditor, unless within the three year period (a) bonds have been issued pursuant to {}469.178 of the TIF Act or any other law, except revenue bonds issued pursuant to Minnesota Statutes §469.152 to §469.165, or (b) the City has acquired property within TIF District No. 6, or (c) the City has constructed, or caused to be constructed, public improvements within TIF District No. 6. If, after four years from the date of certification of the original tax capacity of TIF District No. 6, no demolition, rehabilitation, or renovation of property, or other site preparation, including qualified improvement of a street or right-of-way adjacent to a pamel but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TI2F District No. 6 by the City, 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 TIF District. If these activities subsequently commence, the City shall so certify to the county auditor, the tax capacity 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. 6 after nine years from the date of receipt, by the City, of the first increment, or after eleven years from the approval of the TI2F Plan, whichever is less. Pursuant to §469.176, subd. 4c of the TIF Act, revenue derived from tax increments from TIF District No. 6 will not be used to provide assistance in any form to developments consisting of buildings and ancillary facilities, if more than 14 percent of the buildings and facilities (determined on the basis of square footage) are used for a purpose other than: (1) the manufacturing or production of tangible personal property, including processing resulting the change in condition of the property; (2) warehousing, storage, and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in clause (1) or (2); (4) telemarketing if that activity is the exclusive use of the property; Printed 8/11/95 Page I0 Draft I I ! I I I I i I I I I I I I I I I