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(2) <br /> <br />warehousing, storage, and distribution of tangible personal property, <br />excluding retail sales; <br /> <br />(3) <br /> <br />research and development related to the activities listed in clause (1) <br />or (2); <br /> <br />(4) telemarketing if that activity is the exclusive use of the property; <br /> <br />(5) <br /> <br />tourism facilities; or <br /> <br />(6) <br /> <br />space necessary for and related to the activities listed in clauses (1) to <br />(5). <br /> <br />The TIF District consists of an industrial park to be developed by various <br />manufacturing and warehouse concerns. The City anticipates that the Anoka <br />Electric Cooperative facility will be the initial development in the TIF <br />District. That facility consists primarily of warehousing, and storage of <br />equipment and vehicles, distribution of electric power, research and <br />development relating to the generation of electric power, and office space <br />necessary for and related to the above activities. <br /> <br />Pursuant to §469.1763, subd. 2 of the TIF Act, at least 80 percent of the <br />revenue derived from tax increments paid by properties in TIF District No. 6 <br />will be expended on activities ("Activities") in the TIF District or to pay <br />bonds, to the extent that the proceeds of the bonds were used to finance <br />Activities in the TIF District or to pay, or secure payment of, debt service on <br />credit enhanced bonds (as defined in the TIF Act). No more than 20 percent <br />of the revenue derived from tax increments paid by properties in TIF District <br />No. 6 will be expended, through a development fund or otherwise, on <br />Activities outside the TIF District but within Development District No. 1 <br />except to pay, or secure payment of, debt service on credit enhanced bonds. <br />Administrative expenditures will be considered Activities outside the TIF <br />District. <br /> <br />o <br /> <br />The City will comply with the 5-year rule set forth in §469.1763, subd. 3 of <br />the TIF Act. <br /> <br />L. Limitation on Administrative Expenses. <br /> <br /> Pursuant to Section 469.176, Subd. 3 of the TIF Act, administrative expenses are <br />limited to 10 percent of the expenditures authorized in the ~ Plan or 10 percent of the <br />total actual tax increment expenditures,, whichever is less. Each time the City increases the <br />budget of the TIF District, the amount of tax increment money allocated to administrative <br />costs may be increased as long as the total of administrative expenditures does not exceed <br />10 percent of the total budget of the TIF District. <br /> <br />SJB-151910 <br />RA125-52 27 <br /> <br /> <br />