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Authorized uses: The TIP Plan contains a budget that authorizes the maximum amount that <br />may be expended: <br />Land /Building Acquisition $100,000 <br />Site Improvements /Preparation $500,000 <br />Utilities $500,000 <br />Other Qualifying Improvements $80,000 <br />Administrative Costs (up to l0 %) $208,000 <br />PROJECT COSTS TOTAL $1,388,000 <br />Interest $900,000 <br />PROJECT COSTS TOTAL $,2 28$JH O <br />See Subsection 2 -10, on pages 2 -9 and 2 -10 of the TIE Plan for the full <br />budget authorization. <br />Administrative fee: Up to 10% of annual increment, if costs are justified. <br />Interfund Loan If the City wants to pay for administrative expenditures from a tax increment <br />Requirement: fund, it is recommended that a resolution authorizing a loan from another <br />fund be passed PRIOR to the issuance of the check. <br />The reasons and facts supporting the findings for the adoption of the TIE Plan for the District, as required <br />pursuant to M.S., Section 469.175, Subd. 3, are included in Exhibit A of the City resolution. <br />Page 2 <br />EHLERS <br />LEADERS IN PUBLIC FINANCE <br />