Public Hearing RE Elements of Financial Package for rono Woods

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annual statement shall be published in a newspaper of general circulation in the Authority on or before August 15. If the Authority fails to make a disclosure or submit a report containing the information required by M.S. Section 469.175 Subd. 5 and Subd. 6, the Office of the State Auditor will direct the County Auditor to withhold the distribution of tax increment from the District. Subsection 2-30. Reasonable Expectations As required by the Tax Increment Financing Act, in establishing the District, the determination has been made that the anticipated development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the TIF Plan. In making said determination, reliance has been placed upon written representatives made by the developer to such effects and upon City staff awareness of the feasibility of developing the project site. A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed as described above. Such analysis is included with the cashflow in Appendix C, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions)exceeds the estimated market value of the site absent the establishment of the District and the use of tax increments. Subsection 2-31.Other Limitations on the Use of Tax Increment All revenue derived from tax increment shall be used in accordance with the TIF Plan. The revenues shall be used to finance, or otherwise pay the public development costs of the Housing Project Area No. l pursuant to the M.S., Sections 469.001 to 469.047 and the costs of a housing development project described in M.S. Section 469.017. These revenues shall not be used to circumvent existing levy limit law. No revenues derived from tax increment shall be used for the acquisition,construction,renovation, operation, or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government or for a commons area used as a public park,or a facility used for social,recreational,or conference purposes. This provision shall not prohibit the use of revenues derived from tax increments for the construction or renovation of a parking structure or of a privately owned facility for conference purposes. Orono HRA Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 2-13