Agenda - Council - 07/09/1985 - Special

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I 11. Pursuant to Section 273.75, Subd. 1, of the Tax Increment Financing Act~ I 1. No tax increments shall be paid to the City for the Tax Increment Financing District after three (3) years from the date of certification of the original I assessed value of the taxable property in the Tax Incre- ment Financing Districts by the County Auditor unless within the three (3) y~ar period: (a) bonds have been I issued to Section 273.77 or in aid of a project pursuant pursuant to any other law, except revenue bonds issued pursuant to Chapter 474 prior to August 1, 1979, or (b) I the City has acquired property within the Tax Increment Financing District or (c) the City has constructed or caused to.be constructed public improvements within the I Tax Increment Financing District. 2. The tax increments pledged to the payment of ~ · bonds and ~nterest thereon may be discharged and ~he Tax Increment Financing District may be terminated if suf- ficient funds have been irrevocably deposited in the i debt service fun9 or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. I 3. No tax increments shall in event be paid any to the City from the Tax Increment Financing District after twenty-three (23) years from the date of the Fe- I ceipt by the City of the first t increment or twenty- t5 five (25) years from approval u~ each Tax Increment Financing Plan, whichever is less. Modification of each I Tax Increment Financing Plan pursuant ~o Section 273.74, Subd. 4, of the Tax Increment Financing Act shall not extend the durational limits of that provision. I 4. If, after five (5) from the date of years certification of the original assessed value ofthe Tax Increment Financing District pursuant to Section 273.76 I of the Tax Increment Financing Act, no demolition, re- habilitation or renovation of property or other site including of a street adjacent preparation, improvement I to a parcel but not installation of an underground util- ity service, has been commenced on a parcel located within the Tax Increment Financing District by the City i or by the owner of the parcel .in accordance with the Tax Increment Financing Plan, no additional tax increments may be taken from that parcel, and the original assessed I value of that parcel shall be excluded from the original assessed value of the Tax Increment Financing Dis- trict. If the City or the owner of the parcel subse- i quently commences demolition, rehabilitation or renova- I A- 5