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

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(1) a housing district for a residential rental project or projects in which the only properties receiving assistance from revenues derived from tax increments from the district meet the rent restriction requirements and the low-income occupancy test for a qualified low-income housing project under section 42(g) of the Internal Revenue Code of 1986, as amended through December 31, 2002, regardless of whether the project actually receives a low-income housing credit; or (2) a housing district for a single-family homeownership project or projects, if 95 percent or more of the homes receiving assistance from tax increments from the district are purchased by qualified purchasers. A qualified purchaser means the first purchaser of a home after the tax increment assistance is provided whose income is at or below 85 percent of the median gross income for a family of the same size as the purchaser. Median gross income is the greater of (a) area median gross income, or (b) the statewide median gross income, as determined by the secretary of Housing and Urban Development. Section 3.29 County Road Costs. Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 a, the County board may require the City to pay for all or part of the cost of County road improvements if the proposed development to be assisted by Tax Increments will, in the judgment of the County, substantially increase the use of County roads requiring construction of road improvements or other road costs and if the road improvements are not scheduled within the next five years under a capital improvement plan or within five years under another County plan. If the County elects to use Tax Increments to improve County roads, it must notify the City within forty-five days of receipt of this Tax Increment Financing Plan. 1970490v2 16 -207-