Laserfiche WebLink
6. Summary of Individual Tax Increment Financing Districts 19 Frozen Tax Rate 132.643% Fiscal Disparities Election: Option A – outside district. Allowable Uses: For redevelopment districts, Minnesota Statutes section 469.176 sub 4j specifies the activities on which tax increment may be spent. In general, tax increment must be spent correcting those conditions which caused the area to be designated a redevelopment district. Allowable uses include property acquisition, demolition, rehabilitation, installation of public utilities, road, sidewalks, public parking facilities, and allowable administrative expenses. Obligations: All district obligations have been paid in full. Any remaining increment will be used to pool to TIF #31 and #32. Three-Year Rule: The Lakeview Business Park North TIF District met the 3 Year Rule. Four-Year Rule: The Lakeview Business Park North TIF Four Year Rule deadline was September 1997, and the district met the deadline. Five-Year Rule: The 5-year deadline was September 1998, by which time the development agreement was signed and obligations were issued. Geographic Enlargements: The Lakeview Business Park North TIF may not be enlarged after September 1998.