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

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1. prepay any outstanding bonds or other obligations; 2. discharge the pledge of tax increment therefor; 3. pay into an escrow account dedicated to the payment of bonds or other obligations; or 4. return the excess amount to the Anoka County auditor who shall distribute the excess amount to the City, the County and school district in direct proportion to their respective tax capacity rates. The Authority and the City may also choose to modify the 1 IF Plan in order to provide for other public improvements or to assist other developers within the Project. L. Limitation of Increment. 1. No increment shall be paid to the Authority from TIF District No. 1-6 after three years from the date of certification of the original tax capacity of the property in the TIF district by the county auditor unless within the three year period (a) bonds have been issued pursuant to section 469.178 of the 111- Act, or (b) the Authority has acquired property within TIF District No. 1-6, or (c) the Authority has constructed or caused to be constructed public improvements within TIF District No. 1-6. 2. If, after four years from the date of certification of the original tax capacity of TIF District No. 1-6, no demolition, rehabilitation, or renovation of property or other site preparation, including qualified improvement of a street or right-of-way adjacent to a parcel but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TIF District No. 1-6 by the Authority, or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original tax capacity of that parcel shall be excluded from the original tax capacity of the TIF District. If one of these activities subsequently commences, the Authority shall so certify to the county auditor, and the tax capacity of the property as most recently certified by the commissioner of revenue may be added to the TIF District. 3. No tax increment shall in any event be paid to the Authority from TIF District No. 1-6 after nine years from the date of receipt by the Authority of the first increment or 11 years from the date of approval of the Plan, whichever occurs first M. Limitation on Administrative Expenses. Pursuant to section 469.176, subd 3 of the TIF Act, administrative expenses are limited to 10 percent of the total tax increment expenditures budgeted or actually incurred, whichever is less. Each time the Authority increases the budget of TIF District No. 1-6, the amount of increment allocated to administrative costs may be increased as long as the total of administrative expenditures does not exceed 10 percent of the total budget of the TIF District. N. Limitation on Boundary Changes. The geographic area of TIF District No. 1-6 may be reduced, but cannot be enlarged after five years following the date of certification of the original tax capacity by the Anoka county auditor. 0. Relocation. Although no relocation is anticipated, the Authority accepts as binding its obligations under state law regarding relocation benefits and, if necessary, will administer relocation services for families, individuals and businesses displaced by public action. P. Parcels to Be Acquired Within the '1'1F District. The land within TIF District No. 1-6 is currently owned by the City and will be sold to the Developer prior to construction of the warehouse facility. It is not anticipated that the Authority will acquire any property within 1'11, District No. 1-6. RHB72360 4 LN140-29