08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota Section T Limitation on Administrative Expenses Administrative expenses are defined as all costs of the Authority other than: (1) amounts paid for the purchase of land; (2) amounts paid for materials and services, including architectural and engineering services directly connected with the physical development of the real property in the project; (3) relocation benefits paid to, or services providedtr, persons residing or businesses located in the project; (4) amounts used to pay principal or interest QI discount bonds issued pursuant to section 4'� reserve for, or sell at a (5) amounts used to pay other financial obligations to the ext rfl those obligations were used to finance costs describe n clause (1) to (3). Administrative expenses include amounts paid `for servicesprovided by bond counsel, fiscal consultants, planning or economic development consultar s and actual costs incurred by the County in administering the TIF District. Tax incremen,aay be used to pay administrative expenses of the TIF District up to the lesser of (a) 1`O of the total estimated public costs authorized by the TIF Plan or (b) 10% of the tal tax incrementexpenditures for the project. Section U Limitation on,.eroperty No ovements - Four Year Rule If after four years from:certlf cation of the TIF District no demolition, rehabilitation, renovation, or qualified improvement of an adjacent, street has commenced on a parcel located within the TIF District, then that parcel shall be excluded from the TIF District and the original net tax capacity di Tied improvements of a street are limited to construction or nWof a t`eet pr ubstantial reconstruction or rebuilding of an st submit to the County Auditor, by February 1 of the fifth year, has taken place for each parcel in the TIF District. shall be adjusted accordingly. opening of a new street, `eloc existing street. The Authoritycr. evidence that the required act If a parcel is excluded r;pm tf� TIF District and the Authority or owner of the parcel subsequently commence any of t Tpbove activities, the Authority shall certify to the County Auditor 'that ,such activity hascommenced and the parcel shall once again be included in the TIF District £ he County Auditor shall certify the net tax capacity of the parcel, as most recently certified by the ''ommissionof Revenue, and add such amount to the original net tax capacity of the TIF Distric Section V Estimated Impact on Other Taxing Jurisdictions Exhibit IV shows the estimated impact on other taxing jurisdictions if the maximum 'projected retained captured net tax capacity of the TIF District was hypothetically available to the other taxing jurisdictions. The Authority believes that there will be no adverse impact on other taxing jurisdictions during the life of the TIF District, since the proposed development would not have occurred without the establishment of the TIF District and the provision of public assistance. A positive impact on other taxing jurisdictions will occur when the TIF District is decertified and the development therein becomes part of the general tax base. SPRINGSTED Page 11