08-27-1984 Council Packet - Laserfiche WebLink

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ELIGIBLE ACTIVITIES AUTHORITIES Pursuant to the Act, there are several Authori- ties which have the power to create Tax Increment Financing Districts and to issue tax increment bonds to finance Qualified Projects within such TIF Districts. The following is a brief description of such Authorities, including a discuosion of the limitations on their use of tax increments: 1. Housing and Redevelopment Authority Description. Pursuant to Minnesota Statutes, Chapter 462, housing and redevelopment authori- ties have the power, within a redevelopment project area (herein sometimes referred to as a "General District"), to develop a plan to improve substan- dard .,nditions, unsafe and unsanitary housing, and buildings or structures which are characterized by such conditions as dilapidation, obsolescence, overcrowding and faulty arrangement or design of building and improvements. Use of tar increments. Pursuant to the Act, HRA's may use the revenues derived from tax increments to finance or otherwise pay the public redevelopment costs associated with a redevelop- ment project. 2. Municipality administering a development district Description. Pursuant to Minnesota Statutes, Chapter 472A, municipalities have the authority, within a development district (herein sometimes referred to as a "General District"), to develop a program to provide impetus for commercial devel- opment, to increase employment, to protect pedestrians from vehicle traffic, to provide parking facilities and skyways, and to provide open space relief. Ilse of tax increments. Pursuant to the Act, municipalities may use the revenues derived from tax increments to finance or otherwise pay the capi- tal costs and administrative expenses of a develop- ment district. J. 'Municipality or any other Redevelopment .Agency administering a project under Chapter 474 Description Pursuant to Minnesota Statutes, Chapter 474, municipalities or any other redevelop- ment agencies have the authority to establish a pro - jest area (herein sometimes referred to as a "Gen- eral District") to promote, attract, encourage and develop economically sound industry and com- merce for the purpose of preventing deterioration and chronic unemployment. Use of tax increments. Pursuant to the Act, a municipality, or any other redevelopment agency, issuing industrial development revenue bonds may use the revenues derived from tax increments to accumulate and maintain a reserve securing the payment of principal and interest on, or to finance lease guarantee insurance to secure the payment of the net rentals of a project financed by, industrial development bonds. 4. Port Authority or Municipality exercising the power of a Port Authority Description. Pursuant to Minnesota Statutes, Chapter 468, port authorities have the power, within a port authority district (herein sometimes referred to as a "General District"), to establish projects fir the purpose of developing a system of harbor and river improvements, and for industrial development to prevent the deterioration of margi- nal land and industrial areas. Use of tax increments. Pursuant to the Act, port authorities may use the revenues derived from tax increments to finance or otherwise pay the redevelopment costs associated with a port author- ity district. S. Rural Development Finance Authority Description. Pursuant to Minnesota Statutes, Chapter 362A, a rural development finance author- ity has the power, through county government, to establish a project area (herein sometimes referred to as a "General District") for purposes of assisting in a broad range of agricultural projects related to the processing, storage and distribution of agricul- tural products. (Ise of tax increments. Pursuant to the Act, rural development finance authorities may use the revenue derived from tax increments to finance or otherwise pay the costs of a project undertaken pursuant to Section 362A.01, Subdivision 2.