Agenda - Council - 06/30/1986 - Laserfiche WebLink

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I. Use of Tax Increment. Pursuant to Section 273.75, Subd. 4 of the TIF Act, all revenues derived from TIF District No. 2 shall be used in accor- dance with the TIF Plan. The revenues shall be used to finance or otherwise pay the capital and administrative costs of develop- ment activities within the Development District as identified in the TIF Plan. J. Excess Tax Increment. Pursuant to Section 273.75, Subd. 2 of the TIF Act, in any year in which the increment exceeds the amount necessary to pay the costs authorized by the TIF Plan, the City shall use the excess amount to do any of the following, in the order determined by the City: 1. prepay the outstanding bonds; 2. discharge the pledge of tax increment therefor; pay into an escrow account dedicated to the payment of bonds; or return the excess amount to the Anoka county auditor who shall distribute the excess amount to the City, the county and Anoka-Hennepin independent school district No. 11 in direct proportion to their respective mill rates. In addition, the City may choose to modify the TIF Plan in order to provide for other public improvements within the Devel- opment District. Limitation of Increment. No increment shall be paid to the City from TIF Dis- trict No. 2 after three years from the date of certifi- cation of the original assessed value 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 Section 273.77 of the TIF Act, or (b) the City has acquired property within TIF District No. 2, or (c) the City has constructed or caused to be constructed public improvements within TIF District No. 2. If, after four years from the date of certification of the original assessed value of TIF District No. 2, no demolition, rehabilitation, or renovation of property or other site preparation, including improvement of a street or right-of-way adjacent to a parcel but not