Agenda - Planning Commission - 09/05/1995

Home

(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 manufacturing and warehouse concerns. The City anticipates that the Anoka Electric Cooperative facility will be the initial development in the TI~ District. That facility consists primarily of warehousing, and storage of equipment and vehicles, distribution of electric power, research and development relating to the generation of electric power, and office space necessary for and related to the above activities. Pursuant to §469.1763, sub& 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 expended on activities ("Activities") in the TIF District or to pay bonds, to the extent that the proceeds of the bonds were used to finance Activities in the TIF District or to pay, or secure payment of, debt service on credit enhanced bonds (as defined in the TiF Act). No more than 20 percent of the revenue derived from tax increments 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 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 TIF Act. L. Limitation on Administrative Expenses. Pursuant to §469.176, Subd. 3 of the TIF Act, administrative expenses are limited to 10 percent of the total tax increment expenditures. Each time the City increases the budget of TIF District No. 6, 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. M. Limitation on Boundary Changes. The geographic area of TIF Diswict 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. Parcels to be Acquired Within the TIF District. The City will acquire property within TI~F District No. 6, as needed, in order to construct roads, utilities and other public improvements. Printed 8/11/95 Page 11 Draft