Agenda - Council - 01/23/2007 - Laserfiche WebLink

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Section 3.15 Cash Flow and Other Financial Analysis. See Exhibit E attached hereto. Section 3.16 Use of Tax Increment. The City hereby determines that it will use 100% of the captured net tax capacity of taxable property located in Tax Increment Financing District No. 11 for the following activities: (1) To pay principal and interest on the Tax Increment Bonds. (2) To pay principal and interest on any loans, advances or other payments made to the City or for the benefit ofthe Development District by the Developer. (3) To finance or otherwise pay Public Costs of the Development District. (4) To finance or otherwise pay premiums and other costs for insurance, credit enhancement, or other security guaranteeing the payment when due of principal and interest on the Tax Increment Bonds or bonds issued pursuant to the Tax Increment Financing Plan or pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.1651, or both. (5) To accumulate or maintain a reserve securing the payment when due of the principal and interest on the Tax Increment Bonds or bonds issued pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.1651, or both. (6) To payor fInance Public Costs described in the Development Program and Tax Increment Financing Plan. (7) To fmance other Public Costs as may be allowed by the Tax Increment Financing Act. These revenues shall not be used to circumvent levy limitations applicable to the City nor for other purposes prohibited by Section 469.176, Subdivision 4 of the Tax Increment Financing Act. Section 3.17 Prior Planned hnprovements. The City shall, after due and diligent search, accompany its request for certification to the County Auditor with a listing of all properties within Tax Increment Financing District No. 11 for which building permits have been issued during the eighteen (18) months immediately preceding approval of the Tax Increment Financing Plan by the City. The County Auditor shall increase the original net tax capacity of Tax Increment Financing District No. 11 by the net tax capacity of the improvements for which the building permit was issued. Section 3.18 Modifications of Tax Increment Financing Districts. In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the Development District or Tax Increment Financing District No. 11, increase in amount of bonded indebtedness to be incurred, including a determination to increase the amount of capitalized interest on debt to be paid on the Tax Increment Bonds over the amount shown in this Tax Increment Financing Plan, increase the portion of the captured net tax 1954494v3 8 -169-