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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 27 27 Tax Increment Financing Redevelopment District No. 29 – Active BCPII South (Soo Line) Description: This Redevelopment District was established in order to assist with the development of a 49,600 square foot multi-purpose manufacturing/office/warehouse facility within the Development District. Adopted: 06/22/1999 Requested Date: 06/29/1999 Certified Date: 10/15/1999 First Year Increment 2002 Decertifies: 12/31/2027 Modifications: 03/27/2001- Budget modification 11/25/2003- Budget modification 12/14/2004- Budget modification 12/13/2005- Budget modification Current PIN Number(s): Current PIN Number(s) 29.30.23.43.0024 29.30.23.44.0051 29.30.23.44.0053 Frozen Tax Rate: 122.614% 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.