EDSR MEMORANDUM 12-11-1995 - Laserfiche WebLink

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scheduled to be decertified on time according to its TIF plan and in accordance with statutory limits. TIF District No. 2 is scheduled to be decertified one year early as funds in this debt service account are of a sufficient level to justify this action at an earlier anticipated date. EDA Commissioners will recall that they discussed the proposed expenditure of TIF funds from District No. 3 and former District No. 4 at workshops in June and August of this year. At the August workshop, general agreement was obtained to allocate the expenditure of TIF Funds as follows: East Highway 10 Utilities Writedown $400,000 Business Park/Industrial Park Initiatives 400,000 Downtown Redevelopment 150,000 Total $950,000 The EDA did not discuss funds in the District No. 2 account, which totals approximately $80,000. In addition, because District No. 4 has been decertified, funds available in that account would presumably be spent on activities consistent with the goals and objectives outlined in its TIF Plan. 411 The rationale behind the modifications to Plans No. 2 and No. 3 is to reference specific tax increment expenditures that will be used for purposes and activities authorized pursuant to Minnesota Statutes. Failure to modify respective plans before they are decertified will significantly place limitations on how TIF funds from the respective districts can be accessed. With respect to the modifications for TIF Plan No. 3, the following activities/expenditures are proposed: Business Park and Industrial Park Activities Including, but not limited to off-site and on-site infrastructure extensions, site development and site preparation costs, land acquisition, and certain municipal water and sanitary sewer improvements, etc. $400,000 Urban Renewal and Redevelopment Activities Including, but not limited to, off-site and on-site infrastructure extensions, site development and