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

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regarding goals for two years after receiving the subsidy or until the goals are achieved. The reports must be filed with the Authority by March 1 for the prior year. (3) If the business subsidy exceeds $100,000, the City must conduct a public hearing on the subsidy, after providing at least ten (10) days published notice in the local newspaper. Section 3.27 Requirements for Agreements with Developers. Pursuant to Minnesota Statutes, Section 469.176 Subd. 5, if more than 25% of the acreage of a project (which contains a redevelopment district) is to be acquired by the City with proceeds from tax increment bonds then, prior to such acquisition, the City must enter into an agreement for the development of the property. Such agreement must provide recourse for the City should the development not be completed. Section 3.28 Green Acres. Tax Increment Financing District No. 13 does not contain any parcel or part of a parcel that qualified under the provisions of Section 273.111 or 273.112 and Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the Tax Increment Financing District. 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. 1971165v3 16 -237-