§ 5.06.030. Allocation of incremental tax revenues.

A.

From and after the TIF loan maturity date for a TIF loan, any incremental tax revenues pledged to secure payment of the TIF loan and not needed to pay amounts to the holder of the TIF loan and not needed to pay any administrative fee shall be retained by the metropolitan government, or if received by a tax increment agency pursuant to tax increment statutes, shall be paid to the metropolitan government within thirty days of receipt thereof by the tax increment agency, unless the Metropolitan Council authorizes the tax increment agency by resolution receiving twenty-one affirmative votes to utilize the incremental tax revenues for a specific purpose permitted pursuant to tax increment statutes.

B.

To the extent the tax increment agency elects to refinance a TIF loan which has the effect of extending a TIF loan maturity date, from and after the date of the refinancing, the tax increment agency shall only be entitled to receive tax increment revenues in an amount equal to the lower of: (a) five percent more the total annual debt service obligation before the refinancing; or (b) five percent more than the total annual debt service obligation after the refinancing. In the event of a refinancing, all tax increment revenue greater than this amount shall be retained by the metropolitan government, or if received by a tax increment agency pursuant to tax increment statutes, shall be paid to the metropolitan government within thirty days of receipt thereof by the tax increment agency, unless authorized by the metropolitan council by resolution receiving twenty-one affirmative votes.

C.

For plans approved or amended after the effective date of this section, no incremental tax revenues for property in the plan area may be pledged as collateral for, or to support payment of, a loan or other debt obligation related to a project or property outside of the plan area without approval of the metropolitan council by resolution receiving twenty-one affirmative votes.

(Ord. BL2016-157 § 1, 2016)