Agenda - Council - 09/12/1995 - Laserfiche WebLink

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I I I '1 I I I I I I I I I I I I I I I (5) tourism facilities; or (6) space necessary for and related to the activities listed in clauses (1) to (5). The TIF District consists of an industrial park to be developed by various ..lanufacturing and warehouse concerns. The City anticipates that the Anoka ectric Cooperative facility will be the initial development in the TIF District. That f~ility consists primarily of warehousing, and storage of equipment and vehicles, stribution of electric power, research and development relating to the generation f electric power, and office space necessary for and related to the above activities. !harsuant to {}469.1763, subd. 2 of the TIF Act, at least 80 percent of the revenue derived from tax increments paid by properties in TIF District No. 6 will be qXpended on activities ("Activities") in the TIF District or to pay bonds, to the qxtent that the proceeds of the bonds were used to f'mance Activities in the TIF .~_eiStrict or to pay, or secure payment of, debt service on credit enhanced bonds (as fined in the TIF Act). No more than 20 percent of the revenue derived from tax ~crements paid by properties in TIF District No. 6 will be expended, through a development fund or otherwise, on Activities outside of the TIF District but within I~evelopment District No. 1 except to pay, or secure payment of, debt service on ~redit enhanced bonds. Administrative expenditures will be considered Activities 6utside the TIF District. The City will comply with the 5-year rule set forth in {}469.1763, subd. 3 of the TIF Act. L. Limitation on Administrative Expenses. Pursuant to {}469.176, Subd. 3 oft he TIF Act, administrative expenses are limited to 10 percent of the total tax incr~m, ent expenditures. Each time the City increases the budget of TIF District No. 6, the amount of t4x 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. M. Limitatlon on Boundary Changes. The geographiciarea of TIF District No. 6 may be reduced, but it cannot be enlarged after five years following Ce date of certification of the original tax capacity by the Anoka County Auditor. N. Relocation. Although no rel~ation is anticipated, the City accepts, as binding, its obligations under state law for relocation ahd will administer relocation services for families, individuals and businesses displaced by pul~Iic action. O. Parcels !to be Acquired Within the TIF District. The City will ~quire property within TIF District No. 6, as needed, in order to construct roads, utilities and oth~ public improvements. Printed 8/11/95 i Page 11 Draft