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1�-... <br />Pequot Lakes Memo - Financing of Street Improvements <br />May 31, 2011 <br />Page 4 <br />Summary Table <br />GO Street Bonds <br />Yes <br />None <br />None <br />Yes <br />GO Improvement <br />Not if at least 20% of <br />Feasibility report prepared, <br />None <br />No, if at least <br />Bonds <br />the improvement cost <br />hearing conducted, project <br />partially <br />is assessed <br />ordered, hearing on <br />supported by <br />assessments conducted <br />special <br />before they are filed in final <br />assessments <br />amounts <br />Street Reconstruction <br />Not unless a petition is <br />Five year reconstruction plan, <br />None <br />Yes <br />filed <br />public hearing, unanimous <br />approval, 30 day petition <br />period for request of reverse <br />referendum <br />Tax Increment <br />Not if at least 20% of <br />Public hearing required to <br />None <br />No <br />Financing <br />the improvement cost <br />establish a tax increment <br />is assessed <br />district. A complex set of <br />rules and restrictions apply <br />Tax Abatement <br />No <br />Public hearing required, as is <br />Annual collection of tax <br />No <br />adoption of an abatement <br />abatement can't exceed <br />resolution <br />greater of 10% of net tax <br />capacity or $200,000 and <br />principal amount of <br />bonds can't exceed total <br />of all abatements <br />* Statutory provisions limit the outstanding amount of debt to 3% of taxable market value unless a type of debt is <br />specifically excluded from the limit. <br />