4.11. SR 06-21-2021 - Laserfiche WebLink

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(d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(b)(2), the Council hereby finds that the increased market value of the property to be developed within the TIF District that could reasonably be expected to occur without the use of tax increment financing is probably $0 (other than amounts due to inflation), which is less than the market value estimated to result from the proposed development ($21,211,000 approximately), after subtracting the present value of the projected tax increments for the maximum duration of the TIF District (i.e., $4,448,621 approximately), which is approximately $16,762,379. In making these findings, the Council has noted that the existing building on the Development Property is blighted and has been vacant and unused for an extended period of time and would likely remain in its current condition if tax increment financing were not available. Thus, the use of tax increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 2.06. The City elects to retain all of the captured tax capacity to finance the costs of the TIF District and the Development District. 2.07. The provisions of this Section 2 are hereby incorporated by reference into and made a part of the TIF Plan. 2.08. The Council further finds that the Program Modification and TIF Plan are intended and in the judgment of the Council its effect will be to promote the public purposes and accomplish the objectives specified therein. 2.09. The TIF District is hereby established and the Program Modification and TIF Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk. City staff shall, in writing, request the Sherburne County Auditor to certify the new TIF District and file the Program Modification and TIF Plan with the Commissioner of Revenue and the Office of the State Auditor. 2.10. In accordance with Minnesota Statutes, Section 469.175, Subd. l (b), the City elects to delay the receipt of the first increment until tax payable year 2023. 2.11. The Council hereby approves a policy on interfund loans or advances ("Loans") for this TIF District, as follows: (a) The authorized tax increment eligible costs (including without limitation out-of- pocket administrative expenses incurred prior to or after the date hereof in an amount up to $736,988 and other public improvement costs in an amount up to $6,632,848) payable from the TIF District, as its TIF Plan is originally adopted or may be amended, may need to be financed on a short-term and/or long-term basis via one or more Loans, as may be determined by the Finance Director from time to time. (b) The Loans may be advanced if and as needed from available monies in the City's 4 EL185\50\714796.v 1