08-11-2003 EDA Packet - Laserfiche WebLink

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TIF District No. 1-10 or the Plan for any other tax increment financing district within Development District No. 1. I. Development District Financing Within Development District No. 1, the Authority will establish TIF District No. 1-10 to fmance the cost of development activities. TIF District No. 1-10 is the tenth tax increment financing district to be established within the Development District. In connection with establishment of TIF District No. 1-10, the Authority intends to modify the Plan for TIF District No. 1-9 to eliminate certain parcels from that I a District so those parcels may be included in new TIF District No. 1-10. Project costs for TIF District No. 1-10, as well as for all previously established tax increment districts, will be met primarily through pledged increment. For detailed development and financing plans for each TIF District, refer to the TIF Plan for the relevant TIF District. J. Relocation In establishing TIF Districts, Authority may find it necessary to pay for relocation for individuals or businesses displaced by public action. The Authority accepts its responsibility for providing for relocation pursuant to section 469.133 of the Act. If relocation is necessary, provisions will be made in accordance with Minnesota Statutes, sections 117.50 through 117.56, as amended. The Authority does not anticipate any relocation activities in connection with TIF District No. 1-10. K. Administration of Development District Maintenance and operation of the public improvements is the responsibility of the Administrator of Development District No. 1. Each year the Administrator will submit to the Authority the maintenance and operation budget for the following year. The Administrator will administer the Development District pursuant to the provisions of section 469.131 of the Act; provided, however, that such powers may only be exercised at the direction of the Authority. No action taken by the Administrator shall be effective without authorization by the Authority. The Authority has not and does not anticipate the need to create an advisory board to advise the Authority on the planning, construction or implementation of the activities and improvements outlined in the Development Program. L. Map of Development District A map of the existing boundaries of Development District No. 1 is attached to this modified Program as Exhibit A, which is incorporated herein by reference. SJB-234068v1 LN140-81