Agenda - Council - 07/09/1985 - Special

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I 5, Upon adoption by the Council of the Tax Increment , Financing Plan for ~ Tax Increment Financing District, the Administrator shall ilea copy of the Tax Increment Financ- lng Plan with the Minnesota Energy and Economic Development Authority. Minnesota Statutes, S273.74, subd. 2. I The plans should be addressed as follows: Minnesota Department of Energy I and Economic Development Division of Community Development 9th Floor, American Center Building i 150 East Kellogg Boulevard St. Paul, Minnesota 55101 Attention: Michael Auger 6. The Administrator shall seek modification ~f a Tax Increment Financing Plan for a Tax Increment Financing Dis- trict by the process required for approval of the original Tax Increment Financing Plan if the City seeks to do any of the following: I (a) reduce or enlarge the geographic area of the Tax Increment Financing District (the geographic area i can be reduced but not enlarged ~f}er five (5) years following certification to the original assessed value of the Tax Increment Financing District); I (b) increase the amount of bonded indebtedness to be incurred; I (c) increase the portion of captured assessed value to be retained by the City; (d) increase the total estimated tax increment expenditures; or (e) designate additional property to be acquired I by the City. Minnesota Statutes $273.74, subd. 4. I I I 7. On or before July 1 of each year, the Administrator shall submit to the Anoka County Board, all affected school boards, and to the Minnesota Energy and Economic Development Authority a report of the status of each Tax Increment Fi- nancing District in Development District No. 1. The in- formation to be included in the report is given in the model form attached hereto as EXHIBIT 1. 8. An annual statement showing the tax increment re- ceived and expended in that year, the original assessed A- 3