4.1. SR 02-17-1998 - Laserfiche WebLink

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general development plan of the City. Finding that the Tax Increment Financing Plan for Tax Increment Financing District No. 17 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. The establishment of Tax Increment Financing District No. 17 will result in increased employment for the City and State of Minnesota, increased tax base of the State, and add a high quality development to the City. Additional findings may be set forth in the Authorizing Resolution of the City. Z. COUNTY ROAD COSTS Pursuant to Minnesota Statutes, Section 469.175, Subdivision la, the county board may require the authority to pay for all or part of the cost of county road improvements if the proposed development to be assisted by tax increment 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 other county plan. The improvements outlined in the Plan serve as notice to the county that the development of the commercial facility will be assisted with tax increment. In the opinion of the City, the Authority, and consultants, the proposed development will have little or no impact upon county roads. If the county elects to use increments to improve county roads, it must notify the City within thirty days of receipt of this plan. AA. OTHER LIMITATIONS ON THE USE OF TAX INCREMENT General Limitations. All revenue derived from tax increment shall be used in accordance with the tax increment financing plan. The revenues shall be used to finance or otherwise pay public capital and administration costs pursuant to Minnesota Statutes, Section 469.124 through 469.134. These revenues shall not be used to circumvent existing levy limit law. No revenues derived from tax increment shall be used for the construction, renovation, operation or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government; this provision shall not prohibit the use of revenues derived from tax increments for the construction or renovation of a parking structure, a commons area used as a public park or a facility used for social, recreational or conference purposes and not primarily for conducting the business of the municipality. Pooling Limitations. At least 80 percent of tax increments from District No. 17 must be expended on activities in District No. 17 or to pay bonds, to the extent that the proceeds of the bonds were used to finance activities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not more than 20 percent of said tax increments may be expended, through a development fund or otherwise, on activities outside of District No. 17 except to pay, or secure payment of, debt service on credit enhanced bonds. Tax Increment Financing District No. 17 Page II-14