5.0. EDSR 12-08-1997 - Laserfiche WebLink

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• E. CLASSIFICATION OF THE TAX INCREMENT FINANCING DISTRICT The City and the Authority, in determining the need to create a tax increment financing district in accordance with Minnesota Statutes, Section 469.174 to 469.179, as amended, inclusive, find that District No. 17 to be established is an economic development district pursuant to Minnesota Statutes, Section 469.174, Subdivision 12 and 469.176 Subdivision 4c as defined below: Subd. 12. "Economic Development district" means a type of tax increment financing district which consists of any project, or portions of a project, not meeting the requirements found in the definition of redevelopment district, renewal and renovation district, soils condition district, mined underground space development district, or housing district, but which the authority finds to be in the public interest because: (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; or (2) it will result in increased employment in the state;or (3) it will result in preservation and enhancement of the tax base of the state. Subd. 4c. Economic development districts. (a) Revenue derived from tax increment from an economic development district may not be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of buildings and ancillary facilities, if more than 15 percent of the buildings and facilities (determined on the basis of square footage)are used for a purpose other than: (1) the manufacturing or production of tangible personal property, including processing • resulting in the change in condition of the property; (2) warehousing, storage, and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in clause(1)or(2); (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities;or (6) space necessary for and related to the activities listed in clause(1) to(5). The parcel has been investigated by City and Authority staff and consultants and District No. 17 has been found to meet all requirements of an economic development district. 1. District No. 17 consists of 1 parcel. 2. District No. 17 does not meet the requirements of any other Tax Increment Financing District. 3. District No. 17 will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality. 4. District No. 17 will result in increased employment in the state. 5. District No. 17 will result in preservation and enhancement of the tax base of the state. F. PROPERTY TO BE ACQUIRED The Authority may acquire all parcels within District No. 17. Tax Increment Financing District No.17 Page 11-3