Agenda - Council - 08/13/1996 - Laserfiche WebLink

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M. Limitation on Boundary Changes. The geograph/c area of TIF District No. 6 may be reduced, but it cannot be enlarged after five years following the date of certification of the original tax capacity by the Anoka County Auditor. N. Relocation. Although no relocation is anticipated, the City accepts, as binding, its obligations under state law for relocation and will administer relocation services for families, individuals and businesses displaced by public action. O. Pai'cels to be Acquired Within the TIF District. The City may acquire any property within TIF District Nc~. 6, as needed in order accomplish the goals and objectives of this TIF Plan. P. TIF Account. The tax increment received with respect to the TLV Districts within Development District No. 1 shall be segregated by the City in a special account on its official books and records. Q. Estimate of Public Costs. The City currently plans to construct water and sewer lines, streets and storm sewers, site improvements, property acquisition and utility infrastructure improvements to service new industral development within T1F Distrrict No. 6. The City also intends to assist industrial development through land acquisition and various site improvements. In lieu of directly acquiring property needed for development, and to avoid the potential liability associated with such acquisition, the City may contribute to the cost of land acquisition by private developers. Public costs are estimated as follows: Water and Sewer Utilities and Streets $ Land Acquisition and Site Improvements $ Administration (maximum) $ Total Costs $ 1,200,000 3,603,897 480,390 5,284,286 The costs will be funded with tax increment from TIF District No. 6 on a pay~as-you-go basis. The City reserves the right to adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public cost is not increased. R. Estimate of Bonded Indebtedness. The City may financecosts identified in this TIEF Plan through the issuance of bonds, notes internal loans or other forms of pay~as-you-go obligations in a principal amount not to exceed $5,284,286. That amount may include capitalized interest as determined at the time of issuing any bond or note. 12 I I I I I I I I I I I I I I I I I I I