2021.07.27 WS Packet v.2 - Laserfiche WebLink

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6. Summary of Individual Tax Increment Financing Districts V Obligations The Brighton Village — Beisswenger's TIF District had an interfund loan that has been paid in full from the Municipal Development Fund #560. In District Obligations: Interfund Loan from Fund #560 Paid in Full Pooled Obligations: None Three Year Rule: MN Statute 469.176 sub la was repealed in 2005.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: In 2009, the Minnesota Legislature extended the time frame of this provision from five years to ten for districts certified between June 30, 2003 and April 20, 2009. The ten-year deadline was June 2014. 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 TIF District may not be enlarged after January 2004. 34