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rates to "compress" the difference between the tax capacity rates applicable to residential <br />homestead properties and commercial and industrial properties. <br />8. Changes to Local Tax Rate. The local tax rate to be applied in the tax increment <br />financing district is the lower of the current local tax rate or the original local tax rate for the tax <br />increment financing district. In the event that the Current Local Tax Rate is higher than the <br />Original Local Tax Rate, then the "excess" or difference that comes about after applying the <br />lower Original Local Tax Rate instead of the Current Local Tax Rate is considered "excess" tax <br />increment and is distributed by Sherburne County to the other taxing jurisdictions and such <br />amount is not available to the City as tax increment. <br />9. Le 'sly ation. The Minnesota Legislature has frequently modified laws affecting <br />real property taxes, particularly as they relate to tax capacity rates and the overall level of taxes <br />as affected by state aid to municipalities. <br />10. Affordable Housing Declaration. The TIF District will cease to qualify as a <br />housing tax increment financing district and the TIF Note will terminate if the Project ceases to <br />be operated in accordance with the Declaration required by and defined in the Development <br />Agreement defined in the attached Note. <br />D-7 <br />5193948 1SB ELI85-49 <br />