Agenda - Economic Development Authority - 04/13/2017

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RELEVANT LINKS: Minn.stat.§469.174.Minn. • Parcels consisting of 70 percent of the area of the district are occupied Stat.§469.175 subd.2a. Minn.stat.§469.176,subd. by buildings or similar structures that are classified as class 3a property 1b.Minn.stat.§469.176, under state law. and subd.1i.Minn.Stat.§ 469.176,subd.4c.Minn. • The planned redevelopment or development of the district, when Stat.§273.13,subd.24. completed,will increase the total square footage of buildings, classified as class 3a under state law, occupying the district by three times or more relative to the square footage of similar buildings occupying the district when the resolution is approved. Minn.stat.§469.176,subd. In some specific situations, a TIF authority may request inclusion in a tax 7. increment financing district and the county auditor may certify the original tax capacity of a parcel or a part of the following property types: • Agricultural. • Private outdoor recreational, open space and park land. • Rural preserve property. • Metropolitan agricultural preserves. The authority to establish or approve a compact development district expired on June 30, 2012. Minn.stat.§469.176,subd. TIF economic development districts must: 4c. • Request certification of the district no later than June 30, 2012. • Must begin construction before Jan. 1, 2012, for development of housing. Minn.stat.§469.1761,subd. These districts may not be used to assist housing that is developed to 2or3. qualify for owner-occupied or rental housing, or similar requirements of other law, if construction of the project begins later than July 1, 2011. Minn.stat.§469.176,subd. Cities have temporary authority to spend TIF funds to stimulate 4m. construction using economic development districts for any type of project if three conditions are met: • The municipality funds projects that will create new jobs in the state, including construction jobs, and the project otherwise would not have begun before July 1, 2012, without assistance. • Construction of the project begins no later than July 1, 2012. • The request for certification is made by June 30, 2012. Minn.stat.§469.176,subd. For a development consisting of housing,the authority to spend tax 4m(d). increments expires Dec. 31, 2011, and construction must commence before July 1, 2011, except the authority to spend tax increments on market rate housing developments expires July 31, 2012, and construction must commence before Jan. 1, 2012. This temporary authority to spend the tax increment expires Dec. 31, 2012. League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 Community Development and Redevelopment Chapter 15 1 Page 17