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• Acquisition of land and preparation of sites for development. <br /> • Enhancement of existing properties. <br /> • Assistance to specific development projects. <br /> 0 <br /> State Law gives cities, housing and redevelopment authorities (I-IRA) and eco- <br /> nomic development authorities (EDA) a variety of tools to finance these activ- <br /> ities. The following section•summarizes the basic options available to finance <br /> activities related to the implementation of the Plan. <br /> Tax Increment Financing Tax increment financing (1.1k) is the primary development finance tool avail- <br /> able to Minnesota cities (Minnesota Statutes, Sections 469.174 through <br /> 469.179). In concept, tax increment financing is simple. The property taxes <br /> created by new development (or redevelopment) are captured and used to <br /> finance activities needed to encourage the development. In practice, TIF is <br /> governed by complex statutory limitations. The tax increment statutes are fre- <br /> quently amended by the State Legislature. The rules that govern the use of <br /> TIF in 1997 may not apply to projects occurring in the future. <br /> These complexities make it impractical to provide a thorough explanation of <br /> tax increment financing as part of this Plan. Instead,this section highlights the <br /> use of TIF as it relates to the implementation of the Plan. <br /> The use of tax increment financing is essential to the implementation of the <br /> Plan. It provides the financial resources needed to perform several critical <br /> redevelopment actions: i <br /> • Acquire property and assemble suitable development sites. <br /> • Remove barriers to redevelopment, including structurally substandard <br /> buildings. <br /> • Make development sites in the downtown area economically competi- <br /> tive with more traditional development locations in Monticello and the <br /> surrounding communities. <br /> • Make the public improvements outlined in the Plan more affordable. <br /> • Provide an economic incentive for existing businesses to reinvest in <br /> buildings and facades. <br /> • <br /> I c_011,1-?,,,,•,,t,,,,.....- y aor� s ... __ . <br /> 1 11!.. 1 "_�r3,.., <br /> i .�,tom�y{tyt(iIIt`. n.rIm mgt.6.....01 <br /> lI w ,-1 1 L-I <br /> .I,m�, rd m �I�IlllliT� - — 1lllWll f� 1I m_ <br /> nmum m r,, it {, r4rmi u,rmi I grit •r Alw/XF(0 i A I nmtrnn nimtwrti� J <br /> mumw um_�Han! <br /> w '�., J �, !R* <br /> . <br /> c4�_an! I.�LNrL.. - fin allr 1 Illi . Ile ,}i rnidtle� , JCLII <br /> ►�ISJ <br /> Ni fil.63 t'-':t_-i'ij,,I .tar: 714'll:Aiiiill, nil-11115rimile,*, -r'1-,1-171 <br /> .r <br /> Tax hutment Finance District 1.22,established concurrently with this plan,will provide opportunities for redevelopment <br /> that encourage investment in Monticello's downtown. <br /> TIF District No. 1-22 <br /> In conjunction with the finalization of the Plan, a development project in the <br /> - downtown area provided the catalyst for the creation of a new TIF district. • <br /> • ':_,.A New Bridge <br /> 1-. Revitalizing Monticello's Downtown and Rlverfront <br /> Page 4:12 <br />