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

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before the authority may use tax increment financing The municipality shall approve the tax increment fmancmg plan only after a public hearing thereon after published notice m a newspaper of general circulation in the municipality at least once not less than ten days nor more than 30 days prior to the date of the hearmg The published notice must include a map of the area of the district from which mcrements may be collected and, if the project area includes additional area, a map of the project area m which the mcrements may be expended The hearing may be held before or after the approval or creation of the project or it may be held m conjunction with a hearing to approve the project (b) Before or at the time of approval of the tax mcrement financing plan, the municipality shall make the followmg findings, and shall set forth m writing the reasons and supporting facts for each determination (1) that the proposed tax mcrement financing district is a redevelopment district, a renewal or renovation district, a housing district, a soils condition district, or an economic development district, if the proposed district is a redevelopment district or a renewal or renovation district, the reasons and supporting facts for the determination that the district meets the criteria of section 469 174. subdivision 10. paragraph (a), clauses (1) and (2), or subdivision 10a, must be documented m writing and retamed and made available to the public by the authority until the district has been terminated, (2) that, in the opinion of the municipality (i) the proposed development or redevelopment would not reasonably be expected to occur solely through private investment withm the reasonably foreseeable future, and (n) the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase m the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan The requirements of this item do not apply if the district is a housing district, (3) that the tax mcrement financing plan conforms to the general plan for the development or redevelopment of the municipality as a whole, (4) that the tax mcrement financing plan will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or redevelopment of the project by private enterprise, (5) that the municipality elects the method of tax mcrement computation set forth m section 469 177_ subdivision 3_ naraeranh (bL if applicable (c) When the municipality and the authority are not the same, the municipality shall approve or disapprove the tax mcrement financing plan withm 60 days of submission by the authority When the municipality and the authority are not the same, the municipality may not amend or modify a tax increment fmancmg plan except as proposed by the authority pursuant to subdivision 4 Once approved, the determination of the authority to undertake the project through the use of tax increment financing and the resolution of the governing body shall be conclusive of the findings therein and of the public need for the financing (d) For a district that is subject to the requirements of paragraph (b), clause (2), item (n), the municipality's statement of reasons and supporting facts must include all of the following (1) an estimate of the amount by which the market value of the site will increase without the use of tax increment financing, (2) an estimate of the mcrease in the market value that will result from the development or redevelopment to be assisted with tax increment fmancmg, and (3) the present value of the projected tax increments for the maximum duration of the district permitted by the tax increment fmancmg plan (e) For purposes of this subdivision, "site" means the parcels on which the development or redevelopment to be assisted with tax mcrement financing will be located Subd 4 Modification of plan. plan (a) A tax increment fmancmg plan may be modified by an authority (b) The authority may make the followmg modifications only upon the notice and after the discussion, public hearmg, and findings required for approval of the original (1) any reduction or enlargement of geographic area of the project or tax increment fmancmg district that does not meet the requirements of paragraph (e), (2) mcrease in amount of bonded indebtedness to be mcurred,