08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota Section R Excess Tax Increment In any year in which the tax increments from the TIF District exceed the amount necessary to pay the estimated public costs authorized by the TIF Plan, the Authority shall use the excess tax increments to: prepay any outstanding tax increment bonds; discharge the pledge of tax increments thereof; pay amounts into an escrow account dedicated increment bonds; or he payment of the tax (4) return excess tax increments to the County Auditor fib- redistribution to the City, County and School District. The Cob #y Audi must report to the Commissioner of Education the am nt of any ` excess tax increment redistributed to the School District withi 0 days of such redistribution. Section S Tax Increment Pooling and the`Pi At. least 80% of the tax increments from the TIF Dis the district or to pay for bonds used to finance the estim Section E for additional restrictions) hh orthan 20% costs outside of the TIF District but wit in ihea panda debt service on credit enhanced bonds Alt admrnrstr been spent outside of the TI District. Tex increrru'` car_ within the TIF District if suchAunts are: Year Rul st be expended on activities within ublic costs of the TIF District (see of the tax increments may be spent on ries d the Project Area, except to pay tive expenses are considered to have considered to have been spent actuallyy paid to a third, party fort activities performed within the TIF District within five years after certification of the district; used to pay ich are it er otdthe fi' a reasonably re ued=°and sold to a third party, the proceeds of ably expected o the date of issuance to be spent within the ar period or a reasonable temporary period or are deposited in ;d reserve or replacement fund. used to mat a. payments or reimbursements to a third party under binding contracts for activities performed within the TIF District, which were entered into ithin five years after certification of the district; or urse a party for payment of eligible costs (including interest) incurs tin five years from certification of the district. Beginning with the sixth year following certification of the TIF District, at least 80% of the tax increments must be used to pay outstanding bonds or make contractual payments obligated within the first five years. When outstanding bonds have been defeased and sufficient money has been set aside to pay for such contractual obligations, the TIF District must be decertified. The Authority does not anticipate that tax increments will be spent outside of the TIF District (except for allowable administrative expenses); however, the Authority does reserve the right to allow for tax increment pooling from the TIF District in the future. SPRINGSTED Page 10