04/03/90 - Laserfiche WebLink

Home

L. Limitation on Administrative Expenses. Pursuant to Section 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. 5, 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 District No. 5 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. 0. Parcels to be Acquired Within the TIF District. It is not anticipated at the present time that the City will acquire property within TIF District No. 5. P. TIF Account. The tax increment received with respect to the TIF Districts within Development District No. 1 shall be segregated by the City in a special account on its official books and records and held by a trustee for the benefit of holders of bonds issued to finance development activities. Q. Estimate of Project Costs. Project costs in TIF District No. 5 will be combined with costs in TIF District No. 4 and TIF District No. 1, all funded by a single bond issue. The costs are detailed as follows: TIF District No. 5 Water and Sewer Utilities Costs of Issuance Capitalized Interest Bond Discount 600,000 25,000 20,000 9.600 TOTAL FINANCING COSTS 654,600