Agenda - Council - 12/13/2011 - Laserfiche WebLink

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H Modification of TIF Plan The Plan for TIF District No. 1 may be modified by the City, provided that any reduction or enlargement of the geographic area of the TIF 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 Minnesota Statutes, Section 469.176, Subd. 4 of the TIF Act, all revenues derived from TIF District No. 1 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 District as identified in the Development Program and TIF Plan. J. Excess Tax Increment Pursuant to Minnesota Statues, Section 469.176, Subd. 2 of the TIF 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: 1. Prepay the outstanding bonds; 2. Discharge the pledge of tax increment therefore; 3. Pay into an escrow account dedicated to the payment of bonds; or 4. Return the excess amount to the Anoka County Auditor who shall distribute the excess amount to the City, Anoka County and Anoka -Hennepin Independent School District No. 11 in direct proportion to their respective mill rates. In addition, the City may choose to modify the TIF Plan in order to provide for other public improvements within the Development District. K. Limitation of Increment 1. No increment shall be paid to the City from TIF District No. 1 after three years from the date of certification of the original assessed value 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 (b) the City has acquired property within TIF District No.l; or (c) the City has constructed, or caused to be constructed, public improvements within TIF District No. 1. City of Ramsey TIF District No. 1 Modification 2-3