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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 28 28 20.30.23.14.0045 through 20.30.23.14.0061 Expanded District & HSS 20.30.23.41.0032 through 20.30.23.41.0074 20.30.23.42.0024 through 20.30.23.42.0025 20.30.23.42.0034 through 20.30.23.42.0051 Fiscal Disparities Election: The City elected to calculate fiscal disparities from outside (A election) the district. Frozen Tax Rate: 110.985% - Original TIF District Fiscal Disparities Election: 111.508% - Geographic Expansion 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. Obligations: The NWQ Special Law TIF District currently has an interfund loan for $6,908,098 from the Municipal Development Fund #560. This district is also obligated to pay 2015B G.O. TIF Refunding, 2016A G.O. TIF Refunding Bonds, and 2017A G.O. TIF Refunding Bonds. In-District Obligations: Interfund Loan from Fund 560 Through 2035 2015B (Refunded 2006A) Through 2032 2016A (Refunded 2007B) Through 2033 Pooled Obligations: 2017A (Refunded 2007B) Through 2025