Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Pay into an escrow account dedicated to the payment of bonds; or Ri~turn the excess amount to the Anoka County Auditor who shall distribute the eicess amount to the City, Anoka County and Anoka-Hennepin Independent Sehool District No. 11, in direct proportion to their respective mx capacity rates. In additioj~, the City may choose to modify the TIF Plan again in order to provide for other public improvem~Tnts within the Development District. K. Limitntion of Increment. 1. N{ increment shall be paid to the City from TIF District No. 2 after three years fr4m the date of certification of the original tax capacity of the taxable real property in [the District by the county auditor unless within the three-year period (a) bonds have been issued pursuant to {}469.178 of the TIF Act; or (b) the City has acquired pr6perty within TIF District No. 2; or (c) the City has constructed, or caused to be constructed, public improvements within TIF District No. 2. 2. If, falter four years from the date of certification of the original tax capacity of TIF DiStrict No. 2, no demolition, rehabilitation, or renovation of property or other site pre}paration, including improvement of a street or right-of-way adjacent to a parcel bu} not installation of underground utility service, including sewer or water syatems, have been commenced on a parcel located within TIF District No. 2 by thq City, or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original tax capacity of tha~i parcel shall be excluded from the original tax capacity of the TIF District. If thee activities subsequently commence, the City shall so certify to the county aud. itor, and the tax capacity of the property as most recently certified by the corhmissioner of revenue may be added to the TIF District's original tax capacity. 3. Noitax increment shall in any event be paid to the City from TIF District No. 2 after tw~nty-five years from the date of receipt by the City of the first increment. L. Limitation on Administrntive Expenses. Pursuant td~ {}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. 2, the amount of tax increment money allocated to administrative costs may be increased as long a~ 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 District No. 2 may be reduced, but it cannot be enlarged after October 16, 1991, which is 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 reloo,ation and will administer relocation services for families, individuals and businesses displace~l by public action. 11