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06-24-2019 Council Packet
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06-24-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 8 <br /> <br /> <br />Section R Excess Tax Increment <br /> <br />Beginning with the sixth year after certification of the TIF District, any year in which the tax increments from the TIF <br />District exceed the amount necessary to pay the estimated public costs authorized by the TIF Plan, the City shall use <br />the excess tax increments to: <br /> <br /> (1) prepay any outstanding tax increment bonds; <br /> <br /> (2) discharge the pledge of tax increments thereof; <br /> <br /> (3) pay amounts into an escrow account dedicated to the payment of the tax increment bonds; or <br /> <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 /> <br /> <br />Section S Tax Increment Pooling and the Five-Year Rule <br /> <br />As permitted under Minnesota Statutes, Section 469.1763, subdivision 2(b) and subdivision 3(a)(5), any expenditures <br />of increment from the TIF District to pay the cost of a “housing project” as defined in Minnesota Statutes, Section <br />469.174, subd. 11 will be treated as an expenditure within the district for the purposes of the “pooling rules” and the <br />“five-year rule”. The City does not currently anticipate that tax increments will be spent outside the TIF District <br />(except allowable administrative expenses), but such expenditures are expressly authorized in this TIF Plan. <br /> <br />The Authority does not expect that allowable pooling expenditures will be made outside of the TIF District, but such <br />expenditures are expressly authorized in this TIF Plan. <br /> <br /> <br />Section T Limitation on Administrative Expenses <br /> <br />Administrative expenses are defined as all costs of the Authority other than: <br /> <br /> (1) amounts paid for the purchase of land; <br /> <br /> (2) amounts paid for materials and services, including architectural and engineering services directly <br />connected with the proposed development within the TIF District; <br /> <br /> (3) relocation benefits paid to, or services provided for, persons or businesses residing or located <br />within the TIF District; or <br /> <br /> (4) amounts used to pay interest on, fund a reserve for, or sell at a discount, tax increment bonds. <br /> <br />Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants, planning or <br />economic development consultants, and actual costs incurred by the County in administering the TIF District. Tax <br />increments may be used to pay administrative expenses of the TIF District up to the lesser of (a) 10% of the total tax <br />increment expenditures authorized by the TIF Plan or (b) 10% of the total tax increments received by the District. <br /> <br /> <br />Section U Limitation on Property Not Subject to Improvements - Four Year Rule <br /> <br />If after four years from certification of the TIF District no demolition, rehabilitation, renovation, or qualified <br />improvement of an adjacent street has commenced on a parcel located within the TIF District, then that parcel shall <br />be excluded from the TIF District and the original net tax capacity shall be adjusted accordingly. Qualified
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