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2020.02.05 EDC Packet
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2020.02.05 EDC Packet
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25 6. Summary of Individual Tax Increment Financing Districts Allowable Uses: MN Statute 469.176 sub 4d specifies the activities on which tax increment from a housing district may be spent. Allowable uses include the cost of improvements directly related to the housing project, and allowable administrative expenses. Obligations: In-District Obligations: Interfund Loan from the Municipal Development Fund through 2019 – paid in full Pooling Obligations: none Three Year Rule: The Thorndale Plaza Housing TIF District met the 3 Year Rule. Four Year Rule: The Thorndale Plaza Housing TIF Four Year Rule deadline was November 1998 and the district met the deadline. Five Year Rule: The five-year deadline was November 1999, by which time the development agreement was signed and obligations were issued. Geographic Enlargements: 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 after the certification date. The Thorndale Plaza Housing TIF may not be enlarged after November 1999.
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