Agenda - Council - 12/10/1996 - Laserfiche WebLink

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o defined in the TI~ Act). No more than 25 pement of the revenue derived from tax increments paid by properties in TIF District No. 7 will be expended, through a development fund or otherwise, on Activities outside of the TIF District but within Development District No. 1 except to pay, or secure payment of, debt service on credit enhanced bonds. Administrative expenditures will be considered Activities outside the TIF District. The City will comply with the 5-year rule set forth in §469.1763, subd. 3 of the T~ Act. In accordance with §469. I76, subd. 4j. of the TIF Act, at least 90 percent of the revenues derived from tax increment from TIF Distr/ct No. 7 will be used to finance the cost of correcting conditions that allow designation of redevel.o.pment districts under §469.174 of the TIF Act. These costs include acqumng properties containing structurally substandard buildings or improvements, acquiring adjacent parcels necessary to provide a site of sufficient size to permit development, demolition of su-uctures, clearing of the land, and installation of utilities, roads, sidewalks, and parking facilities for the site. The a/located administrative expenses of the authority may be included in the qualifying costs. L. Limitation on Administrative Expenses. Pursuant to §469.176, Subd. 3 of the TIF Act, adrrfinistrative expenses are limited to 10 percent of the total tax increment expenditures. Each fi.me the City increases the budget of TIF District No. 7, the amount of tax increment money allocated to adminis~five costs may be increased as long as the total of administrative expenditures does not exceed I0 percent of the total budget of the TIF District. M. Limitation on Boundary Changes. The geographic area of TtF District No. 7 may be reduced, but it cannot be enlarged after 5 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. Parcels to be Acquired Within the TIF District. It is not anticipated at the present time that the City will acquire property within the District, except to the extent such property is required for construction of public s~eets and utilities. P. TIF Account. The tax increment received with respect to the TIF Districts within Development District No. 1 shall be segregated by the City in a special account on its official books and records or held by a trustee for the benefit of holders of bonds issued to finance development activities. 11 I I I I I I I I I I I I i I