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

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Limitatipn of Increment. 1. ND increment shall be paid to the City from T~ District No. 1 after three years fr~)m the date of certification of the original assessed value of the taxable real p~operty 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 (bi the City has acquired property within TIF District No. 1; or (c! the City has constructed, or caused to be constructed, public improvements within TIF District No. 1. 2. If,:Lafter four years from the date of certification of the original assessed value of TI~ District No. 1, no demolition, rehabilitation, or renovation of property or other sis preparation, including improvement of a street or right-of-way adjacent to a p4'cel, but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TIF District No. 1 by the Cit~y, or by the owner of the parcel in accordance with the TIF Plan, no additional in~rement may be taken from that parcel, and the original assessed value of that pai'cel 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 r.,. au~ttor, and the assessed value of the property as most recently certified by the commissioner of revenue may be added to the TW District. 3. N6~ tax increment shall in any event be paid to the City from TIF District No. 1 after 25 ~ears from the date of receipt by the City of the first increment. L. Limitatio~ on Administrative Expenses. Pursuant t~ {}469.176, Subd. 3 of the TIF Act, administrative expenses are limited to 10 percent of the tot~.l tax increment expenditures. Each time the City increases the budget of TIF District No. 1, thj~ amount of tax increment money allocated to administrative costs may be increased as long 4sthe 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 t~e purchase of land or amounts paid to contractors or others providing materials and services, inclu~!ng architectural and engineering services, directly connected with the physical development of re~tl property in the District, relocation benefits paid to, or services provided for, persons residing o~ businesses located in the District, or amounts used to pay interest on, fund a reserve for, or slell at a discount, bonds issued pursuant to {}469.178 of the TIF Act. Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants and pl~ning or economic development consultants. M. Limitatiofl on Boundary Changes. The geographic area of TIF District No. 1 may be reduced, but it cannot be enlarged after five years followin~g the date of certification of the original assessed value by the Anoka County Auditor. N. Relocation. Although no relocation is anticipated, the City accepts, as binding, its obligations under state law for relod<~tion and will administer relocation services for families, individuals and businesses displace~t by public action. 11