6.0. 7.0. 8.0. HRSR 01-27-1997 - Laserfiche WebLink

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(3) the authority has constructed or caused to be constructed public improvements within the • district . . . " The City or Authority must therefore issue bonds, or acquire property, or construct or cause public improvements in District No. 16 by approximately July, 2000. Q. LIMITATION ON QUALIFICATION OF PROPERTY IN TAX INCREMENT DISTRICT NOT SUBIECT TO IMPROVEMENT Pursuant to Minnesota Statutes, Section 469.176, Subdivision 6, if, after four years from the date of certification of the original tax capacity of the tax increment financing district pursuant to Minnesota Statutes, Section 469.177, no demolition, rehabilitation or renovation of property or other site preparation, including qualified improvement of a street adjacent to a parcel but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the authority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from that parcel and the original tax capacity of that parcel shall be excluded from the original tax capacity of the tax increment financing district. if the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including improvement of a street adjacent to that parcel, in accordance with the tax increment financing plan, the authority shall certify to the county auditor in the annual disclosure report that the activity has commenced. The county auditor shall certify the tax capacity thereof as most recently certified by the commissioner of revenue and add it to the original tax capacity of the tax increment financing district. The county auditor must enforce the provisions of this subdivision... For purposes of this subdivision, qualified improvements are limited to (1) construction or opening of a new street, (2) relocation of a street, and(3)substantial reconstruction or rebuilding of an existing street. R. LIMITATION ON THE USE OF TAX INCREMENT • Pursuant to Minnesota Statues, 469.176, Subd. 4, at least 90 percent of the revenues derived from tax increments from a redevelopment district must be used to finance the cost of correcting conditions that allow designation of redevelopment districts under section 469.174, Subdivision 10. These costs include acquiring properties containing structurally substandard buildings or improvements, acquiring adjacent parcels necessary to provide a site of sufficient size to permit development, demolition of structures, clearing of the land and installation of utilities, roads, sidewalks, and parking facilities for the site. The revenues shall be used to finance or otherwise pay public redevelopment and housing development costs pursuant to the HRA Act. These revenues shall not be used to circumvent any levy limit law. No revenues derived from tax increment shall be used for the construction or renovation of a municipally owned building used primarily and regularly for conducting the business of the municipality; 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. For tax increment financing districts for which certification was requested after April 30, 1990, pursuant to Minnesota Statutes, Section 469.1763, Subdivisions 1 and 2, an amount equal to at least 75 percent of the revenue derived from tax increments from the district's parcels must be expended on activities in the district. S. NOTIFICATION OF PRIOR PLANNED IMPROVEMENTS • Pursuant to Minnesota Statutes, Section 469.177, Subdivision 4, the City and the Authority have Tax Increment Financing District No.16 Page 11-8