Agenda - Council - 08/27/1985 - Laserfiche WebLink

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(g) certify to the governing body of the munici- pality for acquisition through eminent domain property ' that cannot be acquired by negotiation, but is required for implementation of the Development Program; (h) certify to the governing body of the munici- pality the amount of funds, if any, which must be raised through sale of bonds to finance the Program for Devel- opment District No. 1; (i) apply for grants from the United States of America; (j) apply for grants from other sources." PROCEDURAL REQUIREMENTS 1. All actions taken by the Administrator pursuant to the above - mentioned powers shall be carried out within the statutory requirements as given in Chapter 412 of Minnesota Statutes relating to statutory cities. 2. An amount not exceeding ten percent (108) of the total tax increment expenditures authorized by the Tax In- 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. Minnesota Statutes S 273.75, subd. 3. 3. Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. Administra- tive expenses do not include amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engi- neering services, directly connected with the physical de- velopment of the real property in the project, relocation benefits paid to or services provided for persons residing 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. 4. Following Council approval of a Tax Increment Fi- nancing Plan for a Tax Increment Financing District, the Administrator shall request the County Auditor to certify the original assessed value of the Tax Increment Financing District. Minnesota Statutes §273.74, subd. 3. A - 2