5.1 Public Hearing TIF Plan 2-2 - Laserfiche WebLink

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CITY OF PEQUOT LAKES —TIF DISTRICT NO. 2 -2 TABLE OF CONTENTS AMENDMENT TO TAX INCREMENT FINANCING DISTRICT NO. 2-1 2 TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2-2 Section 1 Definitions 3 Section 2 Statement of Need and Public 15urpose______________________________________________ ______________ __•_______•__ - -_3 Section 3 Statutory Authorization-------------------------------------------------------------- ------------------------------------ 3 Section 4 Statement of Objectives------------------------------------------------------------------------------------------ - - - - -- 3 Section 5 Specific Development Expected to Occur in the TIF District __________________ ______________________________3 Section 6 Property to be Included in the TIF District ___________________________________________ ________ ___ __ _________________3 Section 7 Estimated Sources and Uses of Funds (Public Costs)_..................................................... 4 Section 8 Estimated Impact on Other Taxing Jurisdictions_________________________________ ______________________ __ ____ _ __ 4 Section 9 Fiscal and economic implications_ __ ___ __________ _________ _________ _________ _________ __ _______ _________ 4 Section 10 Property to be acquired in the TIF District____ ___ ________ ________ _________ _________ _________ ________ 5 Section 11 Estimated Amount of Bonded Indebtedness ------------------------------------------- ---- - -• •-------------- - - - --5 Section 12 Designation of TIF District as an Economic Development District__________ _______________________________ 5 Section 13 Original Net Tax Capacity --------------------•----•--------•-----------------•------------------------------------- - - - - -5 Section 14 Original Local Tax Rate------------------------------------------------------------------------------------- -------------6 Section 15 Projected Retained Captured Net Tax Capacity and Tax Increment______ _______________________________ 6 Section 16 Statutory Duration of the TIF District ________________________________________________ _________________________ _ _ _ _ __ 6 Section 17 Use of Tax Increments — Economic Development Districts.................................................. 7 Section 18 Use of Tax Increments — General 8 Section 19 "Green Acres" 8 Section 20 4 -Year Knock -Down Rule 8 Section 21 Tax Increment Pooling — 5 -year Rule________________________________________________ ________________ ______ _________ 9 Section 22 Excess Tax Increment 9 Section 23 Limitation on Administrative Expenses______________________________________________ _______________________________ 9 Section 24 Prior Planned Improvements--------- - - - --- --- - - - - -- --- - - - --- --- - - - --- --- - - - --- --- - - - - -- --- - - - - -- ---- - - - - -10 Section 25 Development Agreements _______ __________________ ___ ____ _ _ __10 Section 26 Business Subsidy Laws ................................................................................................ 10 Section 27 Assessment Agreements -------------- -•--•--------------------------------------------------------------------- - - - -10 Section 28 Modifications of the Tax Increment Financing Plan ............................................................ 11 Section 29 Certification and Administration of the Tax Increment Financing Plan.................................. 11 Section 30 Financial Reporting and Disclosure Requirements ............................................................ 12 Section 31 Findings and Need for Tax Increment Financing ________ __ ______ _________ _________ _________ _________12 EXHIBITS...................................... ............................... .................................. .............................14