EDSR INFORMATION #1 01-9-2012 - Laserfiche WebLink

Home Browse Search

CHAPTER 1S State. v. Wickland, 589 N.W.2d TIF is used to encourage four general types of private development: 793 (Minn. 1999). redevelopment, renovation and renewal, growth in low- to moderate-income housing, and economic development. Public financing using TIF funding for a privately owned facility does not make public space in the facility a public forum for free speech purposes. A TIF district may involve compact development. Two major conditions Minn. Stat. § 469.174; Minn. must be satisfied: Stat. § 469.175 subd. 2a; Minn. Stat. § 469.176, subd. Ib; Minn. • Parcels consisting of 70 percent of the area of the district are occupied Stat. § 469.176subd. li; Minn. by buildings or similar structures that are classified as class 3a property Stat. § 469.176, subd. 4c; Under State laW. and Minn. Stat § 273.13, subd. 24. • The planned redevelopment or development of the district, when completed, will increase the total square footage of buildings, classified as class 3a under state law, occupying the district by three times or more relative to the square footage of similar buildings occupying the district when the resolution is approved. The authority to establish or approve a compact development district expires on June 30, 2012. Minn. Stat. § 469.176, subd. 4c; TIF economic development districts must: • Request certification of the district no later than June 30, 2012. • Must begin construction before Jan. 1, 2012, for development of housing. Minn. Stat. § 469.1761, subd. 2 These districts may not be used to assist housing that is developed to qualify °r 3. for owner-occupied or rental housing, or similar requirements of other law, if construction of the project begins later than July 1, 2011. Minn. Stat. § 469.176, subd. 4m; Cities have temporary authority to spend TIF funds to stimulate construction using economic development districts for any type of proj ect if three conditions are met: • The municipality funds projects that will create new jobs in the state, including construction jobs, and the project otherwise would not have begun before July 1, 2012, without assistance. • Construction of the project begins no later than July 1, 2012. • The request for certification is made by June 30, 2012. Minn. Stat. § 469.176, subd. For a development consisting of housing, the authority to spend tax am(d>. increments expires Dec. 31, 2011, and construction must commence before July 1, 2011, except the authority to spend tax increments on market rate housing developments expires July 31, 2012, and construction must commence before Jan. 1, 2012. This temporary authority to spend the tax increment expires Dec. 31, 2012. Minn. Stat. § 469.175, subd. s. The city using TIF must report annually to the county board, the county auditor, the school board, and the state auditor as to the status of the TIF district or districts and publish the report. The state auditor has established a uniform system of accounting and financial reporting for TIF districts. The city must annually submit to the state auditor a financial report in compliance with these standards. HANDBOOK FOR MINNESOTA CITIES 1$:15 This chapter last revised 12/1/2011