Agenda - Council - 07/23/1985 - Laserfiche WebLink

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I 11. Pursuant to Section 273.75, Sub~. 1, of the Tax Increment Financing Acts I t1. ~o tax increments shall be paid to the City for he ?ax Increment Financing District a~ter three (3) years from the date of certification of the original I assessed value of the taxable property in the Tax Incre- ment FinancingDistricts by the County Auditor unless within the three (3) year period= (a) bonds have been m issued pursuant to section 273.7? or in aid of a pro~ect 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 I bonds and interest thereon may be discharged and the ~ax Increment Financing District may be terminated if suf- ficient funds have been irrevocably .deposited in the debt service fund or other escrow account held in trust for all outstanding bonds 'to provide for the payment of the bonds at maturity or redemption date. No tax increments shall in event be 3. any paid to the City from the Tax Increment Financinq District after twenty-three (23) years from the date of the re- ceipt by the City of the first tax increment or twenty- five (25) years from approval of each Tax Increment Financing Plan, whichever is less. Modification of each Tax Increment Financing Plan pursuant to 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) years from the date of certification of the original assessed value of the Tax i Increment Financing Dis}rict. pursuant to Section 273.76 of the Tax Increment F~nanc~n9 Act, no demolition, re- habilitation or renovation of property or other site preparation, including improv~ment Ofna street adjacent I to a parcel but not installataon of 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 parcel accordance with the Tax the Increment Financing Plan, no additional tax increments -~y be taken from that parcel, and the original assessed I value of that parcel shall be excluded the fro~ original assessed value of the Tax Increment F~nancing Dis- trict. If the City or the owner of the parcel subse- I quently commences demolition, rehabilitation or renova- &- 5