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07-25-2016 EDA Packet
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07-25-2016 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
07/25/2016
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Lino Lakes Economic Development Authority, Minnesota <br />(4) return excess tax increments to the County Auditor for redistribution to the City, County and School <br />District. The County Auditor must report to the Commissioner of Education the amount of any <br />excess tax increment redistributed to the School District within 30 days of such redistribution. <br />Section S Tax Increment Pooling and the Five Year Rule <br />At least 80% of the tax increments from the TIF District must be expended on activities within the district or to pay for <br />bonds used to finance the estimated public costs of the TIF District (see Section E for additional restrictions). No <br />more than 20% of the tax increments may be spent on costs outside of the TIF District but within the boundaries of <br />the Project Area, except to pay debt service on credit enhanced bonds. All administrative expenses are considered to <br />have been spent outside of the TIF District. Tax increments are considered to have been spent within the TIF District <br />if such amounts are: <br />(1) actually paid to a third party for activities performed within the TIF District within five years after <br />certification of the district; <br />(2) used to pay bonds that were issued and sold to a third party, the proceeds of which are reasonably <br />expected on the date of issuance to be spent within the later of the five-year period or a reasonable <br />temporary period or are deposited in a reasonably required reserve or replacement fund. <br />(3) used to make payments or reimbursements to a third party under binding contracts for activities <br />performed within the TIF District, which were entered into within five years after certification of the <br />district; or <br />(4) used to reimburse a party for payment of eligible costs (including interest) incurred within five years <br />from certification of the district. <br />Beginning with the sixth year following certification of the TIF District, at least 80% of the tax increments must be used <br />to pay outstanding bonds or make contractual payments obligated within the first five years. When outstanding bonds <br />have been defeased and sufficient money has been set aside to pay for such contractual obligations, the TIF District <br />must be decertified. <br />The Authority expects that allowable pooling expenditures will be made outside of the TIF District and within the <br />Project Area (along with allowable administrative expenses), and such expenditures are expressly authorized in this <br />TIF Plan. <br />Section T Limitation on Administrative Expenses <br />Administrative expenses are defined as all costs of the Authority other than: <br />(1) amounts paid for the purchase of land; <br />(2) amounts paid for materials and services, including architectural and engineering services directly <br />connected with the physical development of the real property in the project; <br />(3) relocation benefits paid to, or services provided for, persons residing or businesses located in the <br />project; <br />(4) amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued <br />pursuant to section 469.178; or <br />(5) amounts used to pay other financial obligations to the extent those obligations were used to finance <br />costs described in clause (1) to (3). <br />SPRINGSTED Page 10 <br />
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