07/21/1994 P&Z Packet - Laserfiche WebLink

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TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-6. A. Definitions For the purposes of the Tax Increment Financing Plan for Tax Increment Financing District No. 1-6, the following terms shall have the meanings specified below, unless the context otherwise requires: "Administrative expenses" means all expenditures of the Authority other than amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of real property in the District, relocation benefits paid to or services provided for persons residing or businesses located in the District, or amounts used to pay interest on, fund a reserve for; or sell at a discount bonds issued pursuant to section 469.178 of the TIF Act. Administrative expenses includes amounts paid for services provided by bond counsel, fiscal consultants and planning or economic development consultants. "Authority" means the Lino Lakes Economic Development Authority, a body corporate and politic under the laws of Minnesota; "City" means the City of Lino Lakes, a municipal corporation under the laws of the state of Minnesota; "City Council" or "Council" means the Lino Lakes City Council; "City Development District Act" or "Act" means Minnesota Statutes, sections 469.124 through 469.134, as amended; "Comprehensive Plan" means the City's objectives, policies, standards and programs to guide public and private land use, development, redevelopment and preservation for all lands and water within the City; "County" means Anoka County, Minnesota; "Development District" or "District" means Development District No. 1 in which Tax Increment Financing District No. 1-6 will be located and which was established on January 26, 1987; "Development District Program" or "Program" means the Program for Development District No. 1 which was adopted by the City Council on January 26, 1987; "Project" means Development District No. 1; "State" means the State of Minnesota; "Tax Increment Bonds" means any general obligation or revenue tax increment bonds issued by the City or the Authority to finance the public costs associated with Development District No. 1 as stated in the Program and in the Plan for TIF District No. 1-6 or any obligations issued to refund the Tax Increment Bonds; "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes sections 469.174 through 469.179, as amended; RHB72360 LN140-29 1