Agenda - Council - 11/24/1998 - Laserfiche WebLink

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3. pay into an escrow account dedicated to the payment of TIF Bonds; or return the excess amount to the Anoka County auditor, who shall distribute the excess amount to the City, the County and Independent School District No. 11 in direct proportion to their respective tax capacity rates. In addition, the City may choose to modify the TIF Plan again in order to provide for other public improvements within the Development District. K. Limitation of Increment. No increment may be paid to the City from the TIF District after three years from the date of certification of the original tax capacity of the taxable real property in the TIF District by the county auditor unless within the three year period (a) bonds have been issued pursuant to Section 469.178 of the'T IF Act, or (b) the City has acquired property within the T/F District, or (c) the City has constructed or caused to be constructed public improvements within the TIF District. If, after four years from the date of certification of the original tax capacity of the TIF District, no demolition, rehabilitation, or renovation of property or other site preparation, including qualified improvement of a street or right-of-way adjacent to a parcel but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within the TIF District by the City, or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original tax capacity of that parcel shall be excluded from the original tax capacity of the TIF District. If one of these activities subsequently commences, the City will so certify to the county auditor, and the tax capacity of the property as most recently certified by the commissioner of revenue will be added to the TIF District's original tax capacity. No tax increment will in any event be paid to the City from the TIF District after twenty-five years from the date of receipt by the City of the first increment. L. Limitation on Administrative Expenses. Pursuant to Section 469. t76, Subd. 3 of the ~ Act, administrative expenses are limited to 10 percent of the expenditures authorized in the TIF Plan or 10 percent of the total actual tax increment expenditures, whichever is less. Each time the City increases the budget of the TIF District, the amount of tax increment money allocated to administrative costs may. be increased as long as the total of administrative expenditures does not exceed 10 percent of the total budget of the TIF District. S$B-151910 RA125-52 8