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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 22 22 Tax Increment Financing Redevelopment District No. 27 – Active Ken’s Market Description: This Redevelopment District was established in order to assist with the development of a 3,200 square foot convenience store, a 1,200 square foot coffee shop, and a 12,000 square foot 2-story office building within the Development District. Adopted: 04/28/1998 Requested Date: 06/10/1998 Certified Date: 01/22/1999 First Year Increment 2001 Decertifies: 12/31/2026 Modifications: 03/27/2001- Budget modification 11/25/2003- Budget modification 12/14/2004- Budget modification 12/13/2005- Budget modification Frozen Tax Rate: 122.918% Fiscal Disparities Election: Option A – outside district. Allowable Uses: MN Statute 469.176 sub 4j specifies the activities on which tax increment from a redevelopment district 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. Current PIN Number(s) 32.30.23.44.0025