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TIF REPORT PART 3
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05-22-2012
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TIF REPORT PART 3
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provision from four to six years for districts that were certified between January 1, 2005 and April 20, 2009. The NWQ Special <br /> Law TIF Six Year Rule deadline was September 2011. <br /> Five Year Rule: <br /> 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 <br /> activities outside the district. In general, for the NWQ Special Law TIF district, at least 75%of tax increment revenues must be used <br /> to pay for qualified costs within the district. This is considered the 'in district' percent. Subdivision 3 of this section of the statute <br /> further specifies that within five years, tax increment must actually be paid for activities, bonds issued, contracts entered into in <br /> order for revenues to be considered to have been spent.In 2009, the Minnesota Legislature extended the time frame of this provision <br /> from five years to ten for districts certified between June 30, 2003 and April 20, 2009. The ten year deadline is September 2015. <br /> Geographic Enlargements: <br /> MN Statute 469.175 sub 4(f)places limits on the length of time a TIF district may add parcels.No parcels may be added five years <br /> after the certification date.The NWQ Special Law TIF may not be enlarged after September 2010. <br /> Special Legislation: <br /> In 1998 Session Laws(Chapter 389, Section 24),the Minnesota Legislature approved the creation of this TIF District. <br /> In 2008 Session Laws (Chapter 366, Section 24), the Minnesota Legislature allowed pooling from TIF Districts 9, 20, & 26 to this <br /> TIF district and TIF District#32 in the Northwest Quadrant. <br /> ilD Management Review&Analysis-Tax Increment Financing Districts February 2012 <br /> New Brighton, Minnesota Page 189 <br />
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