Laserfiche WebLink
<br />fi ,.~, ,~ - ,'°~ ~ ~ ~~ <br />The State of Minnesota Jobs Bill authorized cash balances in existing tax increment districts to <br />be used to spur new construction or substantial rehabilitation in your community. Significantly, <br />local governments can spend existing tax increment regardless of when the district was certified <br />without worrying about the many restrictions that have heretofore applied, such as the five-year <br />rule and pooling limitations. Any cash balances must be expended by December 31, 2011. <br />The project must consist of the construction or substantial rehabilitation of buildings and <br />ancillary facilities, if doing so will create or retain jobs in the state, including construction jobs. <br />Construction must begin before July 1, 2011. <br />[ ~ _ <br />The first step is to adopt a written spending plan that specifically authorized the assistance. You <br />will then need to enter into a development agreement that specifies how much increment will be <br />provided, what it will pay for, and what form it will take. Under the law, the assistance may be <br />provided as a: <br />• Direct loan <br />• Grant <br />Interest rate subsidy on developer's private financing <br />• Equity or similar investment in corporation, partnership, or limited liability company <br />® Reimbursement to the City for public improvements such as utilities, streets, and <br />storm water improvements. <br />Yes. Assistance can be provided in any form to a private development consisting of construction <br />or substantial rehabilitation of buildings. <br />~~r£ tyt~#~ ~~~~ ~ f~'~`i ~_"t ~-s~ a r ~i ...[~} .r „I UE~.,~Lf~ f ~~~ ~ <br />i I~ ~..' ~ ~ to C €:~ d i ~i~ ~ € ! ~ <br />No. Tax increment cannot be used to pay for public land, public buildings, or recreational <br />facilities. Increment may be used to pay for public costs associated with a private construction <br />project, such as utility connection fees, sidewalks, parking, or storm water ponds. <br />No. Increment from a housing district can be used to help build an office building or increment <br />from a redevelopment district can be used for a raw land site. <br />EHLERS <br />t.EADERS Itd PU8Ut FtNANCE <br /> <br />nneot~ ~~~~~ 651-697-8500 3060 Centre Pointe Chive <br />offit~s also in Wisconsin and Illinois t 651-697-8555 Roseville, MN 551 1 3-1 1 22 <br />s 800-552-117'1 <br />