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Plan;
<br />4. Increase in the portion of the captured net tax capacity to be retained by the City;
<br />5. Increase in the estimate of the cost of the District, including administrative expenses, that will be paid
<br />or financed with tax increment from the District; or
<br />6. Designation of additional property to be acquired by the City,
<br />shall be approved upon the notice and after the discussion, public hearing and fmdings required for approval
<br />of the original TIF Plan.
<br />Pursuant to M.S. Section 469.175 Subd. 4(, the geographic area of the District may be reduced, but shall not
<br />be enlarged after five years following the date of certification of the original net tax capacity by the county
<br />auditor. If a renewal and renovation district is enlarged, the reasons and supporting facts for the
<br />determination that the addition to the district meets the criteria of M. S., Section 469.174, Subd. 10a, must be
<br />documented in writing and retained. The requirements of this paragraph do not apply if (1) the only
<br />modification is elimination of parcel(s) from the District and (2)(A) the current net tax capacity of the
<br />parcel(s) eliminated from the District equals or exceeds the net tax capacity of those parcel(s) in the Districts
<br />original net tax capacity or (B) the City agrees that, notwithstanding M.S., Section 469.177, Subd. 1, the
<br />original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s)
<br />eliminated from the District.
<br />The City must notify the County Auditor of any modification to the District. Modifications to the District
<br />in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF Plan.
<br />Subsection 2-18. Administrative Expenses
<br />In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the
<br />City, other than:
<br />1. Amounts paid for the purchase of land;
<br />2. Amounts paid to contractors or others providing materials and services, including architectural and
<br />engineering services, directly connected with the physical development of the real property in the
<br />District;
<br />3. Relocation benefits paid to or services provided for persons residing or businesses located in the
<br />District;
<br />4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued
<br />pursuant to M.S., Section 469.178; or
<br />5. Amounts used to pay other financial obligations to the extent those obligations were used to finance
<br />costs described in clauses (1) to (3).
<br />For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982,
<br />and before August 1, 2001, administrative expenses also include amounts paid for services provided by bond
<br />counsel, fiscal consultants, and planning or economic development consultants. Pursuant to M.S., Section
<br />469.176, Subd. 3, tax increment may be used to pay any authorized and documented administrative
<br />expenses for the District up to but not to exceed 10 percent of the total estimated tax increment expenditures
<br />authorized by the TIF Plan or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause
<br />(1), from the District, whichever is less.
<br />For districts for which certification was requested after July 31, 2001, no tax increment may be used to pay
<br />any administrative expenses for District costs which exceed ten percent of total estimated tax increment
<br />expenditures authorized by the TIF Plan or the total tax increments, as defined in M.S., Section 469.174, Subd.
<br />25, clause (1), from the District, whichever is less.
<br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 15 2-10
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