Agenda - Council Work Session - 11/13/2012

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2012 Minnesota Statutes 469.175 ESTABLISHING, CHANGING PLAN, ANNUAL ACCOUNTS. Subdivision 1. Tax increment financing plan. (a) A tax increment financing plan shall contain: (1) a statement of objectives of an authority for the improvement of a project; (2) a statement as to the property within the project if any, that the authority intends to acquire, identified by parcel number, identifiable property name, block, or other appropriate means indicating the area in which the authority intends to acquire properties; (3) a List of any development activities that the plan proposes to take place within the project, for which the authority has entered into an agreement or designated a developer including the names of the parties or designated developer, the activity governed by the agreement or designation, and the expected date of completion of that activity; (4) identification or description of the type of any other specific development reasonably expected to take place within the district, and the date when the development is likely to occur; (5) estimates of the following: (i) the cost of the project including administrative expenses, and interest as a financing cost which will be paid or financed with tax increments from the district but not to exceed the estimated tax increment generated by the development activity; (ii) the amount of bonds to be issued; (iii) the original net tax capacity of taxable real property within the tax increment financing district and within any subdistrict; (iv) the estimated captured net tax capacity of the tax increment financing district at completion; and (v) the duration of the tax increment financing district's and any subdistrict's existence; (6) statements of the authority's altemate estimates of the impact of tax increment financing on the net tax capacities of all taxing jurisdictions in which the tax increment financing district is located in whole or in part. For purposes of one statement the authority shall assume that the estimated captured net tax capacity would be available to the taxing jurisdictions without creation of the district, and for purposes of the second statement, the authority shall assume that none of the estimated captured net tax capacity would be available to the taxing jurisdictions without creation of the district or subdistrict; (7) identification and description of studies and analyses used to make the determination set forth in subdivision 3, clause (2); and (8) identification of all parcels to be included in the district or any subdistrict. (b) The authority may specify in the tax increment financing plan the first year in which it elects to receive increment up to four years following the year of approval of the district. This paragraph does not apply to an economic development district. Subd. lalnclusion of county road costs. (a) The county board may require the authority to pay all or a portion of the cost of county road improvements out of increment revenues, if the following conditions occur: (1) the proposed tax increment financing plan or an amendment to the plan contemplates construction of a development that will, in the judgment of the county, substantially increase the use of county roads requiring construction of road improvements or other road costs; and (2) the road improvements or other road costs are not scheduled for construction within five years under the county capital improvement plan or within five years under another formally adopted county plan, and in the opinion of the county, would not reasonably be expected to be needed within the reasonably foreseeable future if the tax increment financing plan were not implemented.