TIF REPORT PART 3 - Laserfiche WebLink

Home Browse Search

Obligations: The Brighton Village—Beisswenger's TIF District currently has an interfund loan for $1,317,727 from the Municipal Development Fund. In-District Obligations: Interfund Loan from the Municipal Development Fund—Through 2019 Pooled Obligations: None Three Year Rule: MN Statute 469.176 sub la was repealed in 2005. However, the requirement is still effective for districts which were adopted when the rule was in place. The three year rule states that, within three years from certification date, bonds must be issued; the authority has acquired land or has caused public improvements to be constructed in the district. Four Year Rule: MN Statute 469.176 sub 6 requires that, within four years from certification date, certain activities must have taken place on each parcel with the TIF district. Required activities include demolition, rehabilitation, renovation and site improvements. If these activities have not taken place within the required time, the parcel is `knocked down' from the district, meaning, that no increment may be collected from that individual parcel for the duration of the district. The law, does, however allow for reinstatement procedures should the required activity later occur on the parcel.In 2009, the Minnesota Legislature extended the time frame of this provision from four years to six for districts certified between June 30, 2003 and April 20, 2009. The six year deadline was June 2010. Five Year Rule: MN Statute 469.1763 places limits on the amount and the length of time in which revenues from the TIF district may be used for activities outside the district. In general, for the Brighton Village — Beisswenger's TIF district, at least 75% of tax increment revenues must be used to pay for qualified costs within the district. This is considered the 'in district' percent. Subdivision 3 of this section of the statute further specifies that within five years, tax increment must actually be paid for activities, bonds issued, contracts entered into in order for revenues to be considered to have been spent. In 2009, the Minnesota Legislature extended the Management Review&Analysis-Tax Increment Financing Districts February 2012 New Brighton, Minnesota Page 176