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

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ARTICLE III THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 13 Section 3.01 Statement of Objectives. See the Development Program for statement of objectives for the Development District. Section 3.02 Statement of Development Program. The Statement of the Development Program for the Development District is set forth in Article II hereof. Section 3.03 Parcel(s) to be Included in Tax Increment Financing District No. 13. Tax Increment Financing District No. 13 is described on the attached Exhibit B and includes the parcel identification number(s) or legal description and adjacent roads set forth on the attached Exhibit B. Section 3.04 Property to be Acquired. The City reserves the right to acquire any property within Tax Increment District No. 13. Section 3.05 Development Activity in the Development District for which Contracts Have Been Signed. The City intends to enter into a development agreement with the RCM- Minnesota Corporation (the "Developer") with respect to the construction of various buildings aggregating approximately 643,000 square feet to be used as retail facilities in the City. Section 3.06 Other Specific Development Expected to Occur Within The Development District. It is anticipated that development will occur within the Development District. Additional development may occur in the Development District in the future; however, no contracts have been entered into at this time with respect to such development. The nature and timing of further development cannot accurately be predicted at this time. Section 3.07 Estimated Public Costs. The estimated total Public Costs to be paid from Tax Increments is described in Exhibit C. Section 3.08 Estimated Amount of Bonded Indebtedness. It is anticipated that Tax Increment Bonds, estimated not to exceed $10,318,000, will be issued to finance all or a portion of the estimated Public Costs of the Development Program. The City also may use tax increment financing on a pay as you go basis for a portion of the Public Costs. The balance of such Public Costs will be paid from sources described in Section 3.09 hereof. Section 3.09 Sources of Revenue. The revenues to pay the Public Costs of the Development District are the proceeds of the Tax Increments, Tax Increment Bonds, funds contributed by the Developer and any other available sources of revenue which the City may apply to pay Public Costs. Section 3.10 Estimated Recent Net Tax Capacity. The estimated net tax capacity of all taxable property in Tax Increment Financing District No. 13 as most recently certified by the Commissioner of Revenue of the State of Minnesota, being the certification made in 2006 with 1971165v3 5 -226-