06-10-1991 Council Packet - Laserfiche WebLink

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nmnertv within the taxing jurisdiction. This provision wUl increase significantly the •mOT^of a tefeirndum levy paid by homeowners/voters as compared to Oi or rental dte cm^nt 5:1 pay ratio based on taxable value, the rano ts reduced mTl tasS on market value. Tax statements will show referenda levy payments ^ sep^ly Uvy referenda ballots must have clear, bold-faced language indtcaung ballot question, vou are voting for a property Ux increase. Th«e ^eTere^l school referenda passed in a first-class city for uxes payable Starting in 1993. K.\\ V.' r Several changes were made to the section governing Increment Financing (TIF) Most were technical in nature to correct mistakes from last year s bill. The reduction in LGAAIACA will apply only to the new area of an (ore-Aoril 30 1990) that is amended by adding a new area. A phase-in ^hedule of the idd reductions is provided for economic development distncts for manufacturing . and resea^h and development projects, which must be l^ated in ernes under 10.000 outside a metropolitan statistical area by federal law. p accomp^rf OTCT excludes equalized '.1 copper.^.,, and combination. 3. community education. 4. early chtltttood family aul 5. non-regular transportation from the calculauon of the state aid m original tax capacity of a tax increment district is based on the prior year s assessiiiSlt if cTrtificationri rtl^uested by June 30. and for the current years assessment wm “anowed to neat a parcel as occupied by a aubstan^ building for the purposes of redevelopment and district criteria, even though the parcel does not have a substandard building on it at the liine the district is established. Tliere are three condinons: • The authoritv must have removed, financed removal or entered tnto a development contiaci for the removal of the substandard building within three years demolition or removal a reso|unon finding the budding was substandard and that the parcel would be included in a TIP dtsmcK and • The original net tax capacity of the parcel will be the greater of the value befo *^'^1 in a TIP district will be paid to the authority ^er the district is decertifted if the delinquency requtred the authonty to use revenues otJre ^ tax increments to pay the district s bonds. Under the thro-ye^ knock-out nile. TI bonds must be issued for the project tn which the distnct is 1m^. Interest costs on developer financing are not prohibited by the five-year rule. PaymenB of credit enhanced bonds are not subject to the five-year rule if frorSie district where the financed activities are located and from ' ip...«i-ieni Increments may be used to pay credit enhanced bonds, even ‘f not permitted to pool increments because the requesi for cemficauon was made before 1982. r N.