Agenda - Council - 07/23/1985 - Laserfiche WebLink

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I (9) certify to 9overnin9 body the the pality for acquisitio~ through eminent domain that cannot be acquired by negotiation, but is I for implementation of the Development Progr&m; (h) certify to the governing body of the pality the amount of funds, if any, which must be through sale of bonds to finance the Program for opment District No. I (i) apply for America; I (j) apply for 1; munici- property requLred munici- raised Devel- grants from the United States of grants from other sources.~ I PROCEDURAL REQUIREMENTS i 1. All actions taken by the Admini~trator pursuant to the above-mentioned powers shall be carried out w~thin the statutory requirements as given in Chapter 412 of Minnesota Statutes relating to statutory cities. I 2. An amount not ex~eding ten p~rcent (10%) of the total tax increment expenditures authorLzed by the Tax In- I crement Financing Plan or the total tax increment expen- ditures for the Project, whichever is less, can be used to pay any administrative expenses for a project. I Minnesota Statutes $ 273.75, subd. 3. 3. Administrative expenses include amounts paid for' I services provided by bond counsel, fiscal consulta~t~, and planning or economic development consultants, Adman~stra- rive expenses do not include amounts paid for the purchase I of land or amounts paid ~o contractors or others providing materials and services, zncluding architectural and engi- neering services, directly connected with the physical de- velopment of the real property in the project, reloc~.tion benefits paid to or services provided for persons reszding or businesses located in the project, or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to section 273.77. Minnesota Statutes ~273.73, subd. 13. I 4. Following Council approval of a Fi- Fax I)cre~ent nancing Plan for a Tax Increment Financ~ng DLstr~ct, the Administrator shall request the County Auditor to the original assessed value of the Tax Increment District. ~lnnesota Statutes $273.74, subd. 3. certify Financing