5.1. HRSR 10-04-2004 - Laserfiche WebLink

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41) Area-by SEH July 14,2003 • Traffic Counts- 1999 • TIF Application • Downtown Riverfront Revitalization Q&A Newsletters • Redevelopment Eligibility Assessment-by SEH September 2,2004 Subsection 2-15. Definition of Tax Increment Revenues Pursuant to M.S., Section 469.174,Subd. 25,tax increment revenues derived from a tax increment financing district include all of the following potential revenue sources: 1. Taxes paid by the captured net tax capacity,but excluding any excess taxes,as computed under M.S., Section 469.177; 2. The proceeds from the sale or lease of property,tangible or intangible,purchased by the Authority with tax increments; 3. Principal and interest received on loans or other advances made by the Authority with tax increments; and 4. Interest or other investment earnings on or from tax increments. Subsection 2-16. Modifications to the District In accordance with M.S., Section 469.175, Subd. 4, any: 1. Reduction or enlargement of the geographic area of Development District No. 1 or the District,if the • reduction does not meet the requirements of M.S., Section 469.175, Subd. 4(e); 2. Increase in amount of bonded indebtedness to be incurred; 3. A determination to capitalize interest on debt if that determination was not a part of the original TIF Plan,or to increase or decrease the amount of interest on the debt to be capitalized; 4. Increase in the portion of the captured net tax capacity to be retained by the City; 5. Increase in the estimate of the cost of the project,including administrative expenses,that will be paid or financed with tax increment from the District;or 6. Designation of additional property to be acquired by the City,shall be approved upon the notice and after the discussion,public hearing and findings required for approval of the original TIF Plan. Pursuant to M.S.Section 469.175 Subd.4(f),the geographic area of the District may be reduced,but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor. If a redevelopment district is enlarged,the reasons and supporting facts for the determination that the addition to the district meets the criteria of M.S., Section 469.174, Subd. 10,paragraph(a),clauses(1)to (5),must be documented in writing and retained. The requirements of this paragraph do not apply if(1)the only modification is elimination of parcel(s)from Development District No. 1 or the District and(2)(A)the current net tax capacity of the parcel(s)eliminated from the District equals or exceeds the net tax capacity of those parcel(s)in the District's original net tax capacity or(B)the City agrees that,notwithstanding M.S., Section 469.177, Subd. 1,the original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s)eliminated from the District. The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of Development District No. 1 or the District. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF Plan. 411 City of Elk River Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No.22 2-9