Laserfiche WebLink
2200 FIRST NATIONAL BANK BUILDING <br /> s <br /> 332 MINNESOTA STREET <br /> SAINT PAUL. MINNESOTA 55101 <br /> TELEPHONE <br /> ) 223-6600•RIGGS AND MORGAN FACSIMILE (612) 223-6450 <br /> PROFESSIONAL ASSOCIATION WRITgiS213 CT J 0 <br /> Jul 24 1997 IUl 25 WRITER'S E—MAIL <br /> Y 'Nd <br /> 0414414 <br /> MEMORANDUM O4 4 <br /> O4P <br /> /04, <br /> FROM: Jim O'Meara <br /> DATE: July 24, 1997 <br /> RE: 1997 Tax Increment Changes <br /> • Governor Carlson signed the 1997 'Tax Bill" on June 2, 1997. It is Laws of <br /> Minnesota for 1997, Chapter 231, and its Article 10 contains the following tax increment <br /> changes. <br /> A. New Definition of "Tax Increment". The terms increment, tax increment, tax <br /> increment revenues, revenues derived from tax increment and "other similar terms" <br /> (?) are now defined to include: <br /> (1) "Raw" tax increments, meaning the taxes generated by the captured net tax <br /> capacity which are payable to the TIF authority; <br /> (2) The proceeds from the sale or lease of any property, real or otherwise, which <br /> was purchased by the authority with tax increments; <br /> (3) The repayments of any loans or other advances made from tax increments; <br /> and <br /> (4) Interest or other investment earnings on tax increments. <br /> There are two effective dates for this change, and they are important. Items (1) and <br /> (4) above, dealing with "raw" increment and the investment earnings on increment, <br /> III <br /> 357509.1 <br /> MINNEAPOLIS OFFICE•IDS CENTER•WWW BRIGGS.COM <br /> MEMBER—LEX MUNDI,A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS <br />