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04-25-1990 Council Agenda
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04-25-1990 Council Agenda
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negotiation, but is required for implementation of the <br />development program; <br />(h) to certify to the governing body the amount of <br />funds, if any, which must be raised through the sale of <br />bonds to finance the program for development districts; <br />(i) to apply for grants from the United States of <br />America and from other sources." <br />PROCEDURAL REQUIREMENTS <br />1. All actions taken by the Administrator pursuant to the <br />above - mentioned powers shall be carried out within the statutory <br />requirements as given in Chapter 410 of Minnesota Statutes <br />relating to home rule charter cities. <br />2. An amount not exceeding ten percent (10 %) of the total <br />tax increment expenditures authorized by the Tax Increment <br />Financing Plan or the total tax increment expenditures for the <br />project, whichever is less, can be used to pay any administrative <br />expenses for a project. Minnesota Statutes, Section 469.176 <br />Subd. 3. <br />3. Administrative expenses include amounts paid for <br />services provided by bond counsel, fiscal consultants, and <br />planning or economic development consultants. Administrative <br />expenses do not include amounts paid for the purchase of land or <br />amounts paid to contractors or others providing materials and <br />services, including architectural and engineering services, <br />directly connected with the physical development of the real <br />property in the project, relocation benefits paid to or services <br />provided for persons residing or businesses located in the <br />project, or amounts used to pay interest on, fund a reserve for, <br />or sell at a discount bonds issued pursuant to Section 469.178 <br />Minnesota Statutes, Section 469.174, Subd. 14. <br />4. Following Council approval of a Tax Increment Financing <br />Plan for a Tax Increment Financing District, the Administrator <br />shall request the County Auditor to certify the original net tax <br />capacity of the Tax Increment Financing District. Minnesota <br />Statutes, Section 469.175, Subd. 3. <br />5. Upon adoption by the Council of the Tax Increment <br />Financing Plan for a Tax Increment Financing District, the <br />Administrator shall file a copy of the Tax Increment Financing <br />Plan as well as the Development Program with the Department of <br />Revenue. Minnesota Statutes, Section 469.175, Subd. 2. <br />A -2 <br />
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