Agenda - Planning Commission - 11/07/2013

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In addition, the City may choose to modify the TIF Plan in order to provide for other public improvements within the Development District. K. Limitation of Increment 1. No increment shall be paid to the City from TIF District No. 2 after three years from the date of certification 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 §469.178 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. 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 installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TIF District No. 2 by the City, or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original assessed value of that parcel shall be excluded from the original assessed value of the TIF District. If these activities subsequently commence. the City shall so certify to the county auditor, and the assessed value of the property as most recently certified by the commissioner of revenue may be added to the TIF District 3. No tax increment shall in any event be paid to the City from TIF District No. 2 after twenty- five years from the date of receipt by the City of the first increment. L. Limitation on Administrative Expenses (AS MODIFIED JULY 31, 1990) Pursuant to Minnesota Statutes, 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. 2, 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 (AS MODIFIED JULY 31, 1990) The geographic area of TIF District No. 2 may be reduced, but it cannot be enlarged after October 16, 1991, which is five years following the date of certification of the original tax capacity by the Anoka County Auditor. (AS MODIFIED NOVEMBER 24, 1998) The geographic area of TIF District No. 2 may be reduced, but it cannot be enlarged after October 16, 1991, which is five years following the date of certification of the original tax capacity by the Anoka County Auditor. The five-year period has now elapsed, so TIF District No. 2 may not be enlarged. City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-5