04-25-1990 Council Agenda - Laserfiche WebLink

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9. All revenues derived from each Tax Increment Financing District shall be used in accordance with the Tax Increment Financing Plan. The reviews shall be used for the following purposes: 1. to pay the principal of and interest on bonds issued to finance a project; 2. to finance or otherwise pay the capital and administration costs of Development District No. 1 pursuant to the Development District Act; 3. to accumulate and maintain a reserve in a special development account for the payment of the principal of and interest on bonds issued to finance a project; 4. to pay for project costs as identified; and 5. to finance or otherwise pay for other purposes as provided in Section 469.176 Subd. 4, of the Tax Increment Financing Act. These revenues shall not be used to circumvent any levy limits, Minnesota Statutes, Section 469.176 Subd. 4. 10. In the year in which the tax increments exceed the amount necessary to pay the costs authorized by the Tax Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subd. 3, the City shall use the excess amount to: 1. prepay any outstanding bonds; 2. discharge the pledge of tax increment therefor; 3. pay into an escrow account dedicated to the payment of such bonds; or 4. return the excess amount to the County Auditor for distribution as provided in Section 469.176, Subd. 2, of the Tax Increment Financing Act. Minnesota Statutes, Section 469.176, Subd. 2. 11. Pursuant to Section 469.176, Subd. 1, of the Tax Increment Financing Act: 1. No tax increments shall be paid to the City for a Tax Increment Financing District after three (3) years from the date of certification of the original gross tax capacity of the taxable property in the Tax Increment Financing Districts by the County Auditor unless within the three (3) A -4 page dF