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

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p~operty p riod; r in the TIF District by the county auditor unless within the three-year bonds have been issued pursuant to §469.178 of the TIF Act; or the City has acquired property within TIF District No. 4; or the City has constructed, or caused to be constructed, public improvements within TIF District No. 4. 11 2. If, rafter four years from the date of certification of the original assessed value of TIF District No. 4, no demolition, rehabilitation, or renovation of property or other sit{e preparation, including improvement of a street or right-of-way adjacent to a p~cel but not installation of undergound utility service, including sewer or water sy{tems, has been commenced on a parcel located within TIF District No. 4 by the Ciiy, or by the owner of the parcel in accordance with the TIF Plan, no additional in0rement may be taken from that parcel, and the original assessed value of that parcel shall be excluded from the original assessed value of the TIF District. If th~se activities subsequently commence, the City shall so certify to the county au~litor, and the assessed value of the property as most recently certified by the corhmissioner of revenue may be added to the TIF District. 3. Noitax increment shall in any event be paid to the City from TIF District No. 4 after 25 ~,ears from the date of receipt by the City of the first increment. L. Limitatiob on Administrative Expenses. Pursuant tq~ §469.176, Subd. 3 of the TIF Act, administrative expenses are limited to 10 percent of the totall tax increment expenditures. Each time the City increases the budget of TIF District No. 4, thb amount of tax increment funds allocated to administrative costs may be increased as long ~ the total of administrative expenditures does not exceed 10 percent of the total budget of the TIF ,District. Administrative expenses mean all expenditures of the City other than amounts paid for tl~e purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of re~l property in the District, relocation benefits paid to, or services provided for, persons residing oi' businesses located in the District, or amounts used to pay interest on, fund a reserve for, or sell gt a discount bonds issued pursuant to §469.178 of the TIF Act. Administrative expenses include ~imounts paid for services provided by bond counsel, fiscal consultants and planning or econor~7'c development consultants. M. Limitation on Boundary Changes. The geographic area of TIF District No. 4 may be reduced, but it cannot be enlarged after five years followin]~ the date of certification of the original assessed value by the Anoka County Auditor. ~ N. Relocation. Although n~ relocation is anticipated, the City accepts, as binding, its obligations under state law for relod, ation and will, if necessary, administer relocation services for families, individuals and busiinesses displaced by public action. O. Parcels to [be Acquired Within the TIF District.