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Now
<br />WON
<br />City of Lino Lakes, Minnesota
<br />Management Report, Page 32
<br />Tax Increment Financing #1 -1
<br />On January 26, 1987 the City established the Economic Development District #1. Within the
<br />District, the City established Housing District #1 -1. The housing plan calls for adequate numbers
<br />of low to moderate housing units pursuant to MS 273.73 subd. 11.
<br />Financial activity of this fund from inception is as follows:
<br />Prior
<br />Years 1996 Total
<br />Revenue and other sources:
<br />Tax increments $1,247,781 $231,815 $1,479,596
<br />HACA 8,683 8,683
<br />Interest on investments 207,162 12,904 220,066
<br />Total revenue and other sources $1,463,626 $244,719 1,708,345
<br />Expenditures and other uses:
<br />Transfer to TIF 1 -3 $9,484 $ - 9,484
<br />Transfer to TIF 1-4 22,122 22,122
<br />Administrative fee 39,156 1,937 41,093
<br />Developer assistance 105,000 65,350 170,350
<br />Professional services 15,910 885 16,795
<br />Transfer to Area and Unit Fund 1,097,491 1,097,491
<br />Transfer to Special Revenue Fund 3,111 3,111
<br />Total expenditures and other uses $1,270,152 $90,294 1,360,446
<br />Fund balance - December 31, 1996 $347,899
<br />The developer assistance consisted of payments to developers for pending improvements.
<br />The transfer to the Area and Unit Charge Fund represents a partial reimbursement for the West
<br />Central Trunk sewer main related to Rice Lake Estates.
<br />The tax increment plan also includes an annual administrative fee. Minnesota Statute 469.176
<br />Subd. 3 reads as follows:
<br />Limitation on administrative expenses. (a) For districts for which certification was
<br />requested before August 1, 1979, or after June 30, 1982, no tax increment shall be used to
<br />pay any administrative expenses for a project which exceed ten percent of the total tax
<br />increment expenditures authorized by the tax increment financing plan or the total tax
<br />increment expenditures for the project, whichever is less.
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