Agenda - Council - 11/13/2012 - Laserfiche WebLink

Home

(b) If the county elects to use mcrements to fmance the road improvements, the county must notify the authority and municipality within 45 days after receipt of the proposed tax Increment financing plan under subdivision 2 The notice must mclude the estimated cost of the road anprovements and schedule for construction and payment of the cost The authonty must mclude the improvements m the tax mcrement financing plan The anprovements may be financed with the proceeds of tax Increment bonds or the authority and the county may agree that the county will finance the anprovements with county funds to be repaid m installments, with or without interest, out of Increment revenues If the cost of the road improvements and other project costs exceed the projected amount of the Increment revenues, the county and authority shall negotiate an agreement, modifying the development plan or proposed road improvements that will permit financing of the costs before the tax mcrement financing plan may be approved Subd 2 Consultations; comment and filing. (a) Before formation of a tax mcrement financing district, the authority shall provide the county auditor and clerk of the school board with the proposed tax Increment financing plan for the district and the authority's estimate of the fiscal and economic implications of the proposed tax Increment financing district The authority must provide the proposed tax Increment financing plan and the mfonnation on the fiscal and economic implications of the plan to the county auditor and the clerk of the school district board at least 30 days before the public hearmg required by subdivision 3 The Information on the fiscal and economic implications may be Included in or as part of the tax Increment financing plan The county auditor and clerk of the school board shall provide copies to the members of the boards, as directed by their respective boards The 30-day requirement is waived if the boards of the county and school district submit written comments on the proposal and any modification of the proposal to the authority after receipt of the information (b) For purposes of this subdivision, "fiscal and economic implications of the proposed tax Increment financing district" Includes (1) an estimate of the total amount of tax mcrement that will be generated over the life of the district, (2) a description of the probable impact of the district on city -provided services such as police and fire protection, public infrastructure, and the impact of any general obligation tax mcrement bonds attributable to the district upon the ability to issue other debt for general fund purposes, (3) the estnnated amount of tax mcrements over the life of the district that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, (4) the estnnated amount of tax mcrements over the life of the district that would be attributable to county levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained the same, and (5) additional mfonnation regardmg the size, tuning, or type of development in the district requested by the county or the school district that would enable it to detennme additional costs that will accrue to it due to the development proposed for the district If a county or school district has not adopted standard questions m a written policy on information requested for fiscal and economic applications, a county or school district must request additional mformation no later than 15 days after receipt of the tax mcrement fmancmg plan and the request does not require an additional 30 days of notice before the public hearmg Subd 2a Housing districts; redevelopment districts. In the case of a proposed housmg district or redevelopment district, m addition to the requirements of subdivision 2, at least 30 days before the publication of the notice for public hearmg under subdivision 3, the authority shall deliver written notice of the proposed district to each county commissioner who represents part of the area proposed to be Included in the district The notice must contain a general description of the boundaries of the proposed district and the proposed activities to be financed by the district, an offer by the authority to meet and discuss the proposed district with the county commissioner, and a solicitation of the commissioner's comments with respect to the district The commissioner may waive the 30-day requirement by submittmg written comments on the proposal and any modification of the proposal to the authority after receipt of the information Subd 2b Compact development districts; sunset. The authority to establish or approve the tax mcrement fmancmg plan for a new compact development district expires on June 30, 2012 Subd 3 Municipality approval. (a) A county auditor shall not certify the ongmal net tax capacity of a tax Increment fmancmg district until the tax Increment fmancmg plan proposed for that district has been approved by the municipality in which the district is located If an authority that proposes to establish a tax Increment fmancmg district and the municipality are not the same, the authority shall apply to the municipality in which the district is proposed to be located and shall obtam the approval of its tax Increment fmancmg plan by the municipality