08-11-2003 EDA Packet - Laserfiche WebLink

Home Search

City of Lino Lakes, Minnesota Exhibit II gives a listing of the various information and assumptions used in preparing a number of the exhibits contained in this TIF Plan, including Exhibit III which shows the projected tax increment generated over the anticipated life of the TIF District. Section Q Use of Tax Increment Each year the County Treasurer shall deduct 0.36% of the annual tax increment generated by the TIF District and pay such amount to the State's General Fund. Such amounts will be appropriated to the State Auditor for the cost of financial reporting and auditing of tax increment financing information throughout the state. Exhibit III shows the ejected deduction for this purpose over the anticipated life of the TIF District. The Authority has determined that it will use 100% of the rer atnm the TIF District for any of the following purposes: pay for the estimated public costs of administrative costs associated with, x increment generated by F District (see Section K) and County TIF District (see SectonT); pay principal and interest on tax Increment ands or other bonds issued to finance the estimated public costs ofthe TIF D rict; accumulate a reserve securing the payment of tax increment bonds or bonds issued to financethestimated public costs of the TIF District; pay all or a portion of theounty"roa Board under M,S Section 469.175, return e Coun Tax increments fro primary benefit of a pro this require ettt Tax in the City; s shall no other sts as may be required by the County isrorr la ;`or County Auditor for redistribution to the City, one county must be expended for the direct and countty , unless both county boards involved waive used to circumvent levy limitations applicable to Tax, -increment shall not bused tryfinance the acquisition, construction, renovation, operation, or maintenance of a buildIto be used primarily and regularly for conducting the business of a municipa ty ' county, schooldistrict, of any other local unit of government or the State or federal government, or for a commons area used as a public park, or a facility used for social, recreational, or conference' purposes. This prohibition does not apply to the construction or renovation of a parking structure or of a privately owned facility for conference purposes. If there exists any beneficiary of assistance, to repay all or a portion of the assistance that was paid or financed with tax increments, such payments shall be subject to all of the restrictions imposed on the use of tax increments. Assistance includes sale of property at less than the cost of acquisition or fair market value, grants, ground or other leases at less then fair market rent, interest rate subsidies, utility service connections, roads, or other similar assistance that would otherwise be paid for by the developer or beneficiary. f agreement or arrangement providing for the developer, or other SPRINGSTED Page 9