4.1. SR 08-21-2000 - Laserfiche WebLink

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The estimates listed above display captured tax capacity when all construction is completed. The tax rates and tax capacities are the payable 2000 figures for all jurisdictions. District No. 21 will be certified under rates for tax year payable 2001 which were unavailable at the time of preparation of this Plan. N. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT In accordance with Minnesota Statutest Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the City, increase in total estimated tax increment expenditures or 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 plan. The geographic area of a tax increment financing district may be reduced, but shall not be enlarged after five years following the date of certification of the original tax capacity by the county auditor or by approximately August 2004. If an economic development district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of Sections 469.174, subdivision 12, must be documented. The requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from the project or district and (2)(A) the current tax capacity of the parcel(s) eliminated from the district equals or exceeds the tax capacity of those parcel(s) in the district's original tax capacity or (B) the City agrees that, notwithstanding Sections 469.177, subdivision 1, the original tax capacity will be reduced by no more than the current tax capacity of the parcel(s) eliminated from District No. 21. The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of District No. 21 or Development District No. 1. Modifications to the District No. 21, in the form of a budget modification or an expansion of the boundaries, will be recorded in this Plan. O. LIMITATION ON ADMINISTRATIVE EXPENSES Minnesota Statutest Section 469.174, Subdivision 14 and Minnesota Statutest Section 469.176, Subdivision 3, provide limitations on administrative expenses. P. DURATION OF TAX INCREMENT FINANCING DISTRICTS Pursuant to Minnesota Statutes~ Section 469.176, Subdivision l(d), no tax increment shall be paid to the City three years from the date of certification of the ONTC by the County Auditor unless within the three-year period (1) bonds have been issued pursuant to Section 469.178, or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Chapter 469.152 to 469.165, prior to the effective date of the Act; or (2) the City has acquired property within the district; or (3) the City has constructed or caused to be constructed public improvements within the district. Tax Increment Financing District No. 21 Page 11-7