06-13-2002 Planning Comm. Agenda

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costs described in sections 1 to 3. For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982, administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. Tax increment may be used to pay any authorized and documented administrative expenses for the District up to but not to exceed 10 percent of the total tax increment expenditures authorized by the Plan or the total tax incremeut expenditures for Redevelopment Project Area No. I, whichever is less. Pursuant to MS, Section 469.176, Szzbd. 4h, tax increments may be used to pay for the county's actual administrative expenses incurred in connection with the District. The county may require payment of those expenses by February 15 of the year following the year the expenses were incurred. Pursuant to M.S., Section 469. 177, Subd. 11, the County Treasurer shall deduct an amount up to 0.50 percent of any increment distributed to the EDA or City and the County Treasurer shall pay the amount deducted to the State Treasurer for deposit in the state general fiord to be appropriated to the State Auditor for the cost of financial reporting of tax increment financing infonnatiar and the cost of examining and auditing authorities' use of tax increment financing. This amount may be adjusted amorally by the Commissioner of Revenue. Subsection 3-20. Limitation of Increment Pursuant to MS, Section 469.176, Subd. la, no tax increment shall be paid to the EDA or City for the District after three (3) years from the date of certifcation of the Original Net Tax Capacity value of the taxable property in the District by the County Auditor unless within the three (3) year period: (1) Bonds have been issued in aidoftheprojectcontainingtheDistrictprusuanttoM.S,Section 469.178, or any other law, except revenue bonds issued pursuant to MS, Sections 469.152 to 469.165, or (2) The EDA or City has acquired property within the District, or (3) The EDA or City has constructed or caused to be constructed public improvements within the District. The bonds must be issued, or the EDA or City must acquire property or construct or cause public improvements to be constructed by approximately June, 2005 and report such actions to the Comity Auditor. The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at mahu•ity or redemption date. Pursuant to M.S, Section 469.176, Szrbd. 6: tf, after fozrr years fi•onz the date of certiftcation of the original net tax capacity of the tax ilzcrwnent finmzcing districtpursuant to MS, Section 469.177, no dezr:olifion, rehabilitation or rwzovation of property or other site preparation, izzclzrdirzg qual~ed improvement of a street adjacent to a parcel but not installation of utility service including sewer or water systwns, has been commenced orz a Cconomic Development Authority of the City of Little Cnnula 'fax Increment Financing Planfor Tax hmremenl Financing District No.3d 3-10