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"compress" the difference between the tax capacity rates applicable to residential homestead <br />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 Original <br />Local Tax Rate, then the "excess" or difference that comes about after applying the lower Original <br />Local Tax Rate instead of the Current Local Tax Rate is considered "excess" tax increment and is <br />distributed by Sherburne County to the other taxing jurisdictions and such amount is not available <br />to the City as tax increment. <br />9. Legislation. The Minnesota Legislature has frequently modified laws affecting real <br />property taxes, particularly as they relate to tax capacity rates and the overall level of taxes as <br />affected by state aid to municipalities. <br />10. Affordable Housing Declaration. The TIF District will cease to qualify as a housing <br />tax increment financing district and the TIF Note will terminate if the Project ceases to be operated <br />in accordance with the Declaration required by and defined in the Development Agreement defined <br />in the attached Note. <br />IOWA <br />EL185-70-769416.d7 <br />