Agenda - Council - 12/13/1994 - Laserfiche WebLink

Home

E. Description of TIF District. A legal description of the properties within TIF District No. 2 was included in the TIF Plan adopted on June 30, 1986, and in the modification adopted on March 29, 1988. The City is not modifying the boundaries of TEF District No. 2 at this time. A map of approximate boundaries of TIF District No. 2 is attached hereto as Exhibit A. F. Development District Contracts. Previous development contracts related to TIF District No. 2 are as described in prior TIF Plans. No contracts have yet been executed for additional development activity authorized by this TIF Plan modification. Ageements regarding property within the Development District will be entered into in accordance with §469.176, Subd. 5 of the TIF Act. No more than 25 percent, by acreage, of the land within the Development District will be acquired by the City with bond proceeds without having concluded an agreement for development or redevelopment of the property. G. Classification of TIF District. In evaluating the characteristics of TIF District No. 2 in accordance with the TIF Act, the City found that the district was a redevelopment district, pursuant to {3469.174, Subd. 10(a)(2) of the TIF Act. A list of the parcels used to meet the test for a redevelopment district was attached to the TIF Plan adopted on June 30, 1986. The City likewise found that the parcel added to TIF District No. 2 pursuant to the modification adopted March 29, I988, met the test specified in §469.174, Subd. 10 (a)(2) of the TIF Act. The City reaffirms these findings. H. Modification of TIF Plan. The Plan for TIF District No. 2 may be modified by the City, provided that any reduction or enlargement of the geographic area of the TI'F District, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured assessed value to be retained by the City, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the City, shall be approved upon the notice and after such discussion, public hearing and findings as required for approval of the original plan. I. Use of Tax Increment. Pursuant to §469.176, Subd. 4 of the TIF Act, all revenues derived from the tax increment from TIF District No. 2 shall be used in accordance with the TIF Plan. The revenues shall be used to finance, or otherwise, pay the capital and administrative costs of development activities within the Development Disudct as identified in the TIF Plan. J. Excess Tax Increment. Pursuant to §469.176, Subd. 2 of the T[F Act, in any year in which the increment exceeds the amount necessary 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: I. Prepay the outstanding bonds; 2. Discharge the pledge of tax increment; 10