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City of Lino Lakes, Minnesota <br />Management Report, Page 29 <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 />Yeats 1994 Total <br />Revenue and other sources: <br />Tax increments $852,448 $197,363 $1,049,811 <br />HACA 8,683 - 8,683 <br />Interest on investments 113,652 34,916 148,568 <br />Total revenue and other sources $974,783 $232,279 1,207,062 <br />Expenditures and other uses: <br />Transfer to TIF 1 -3 $9,484 $ - 9,484 <br />Administrative fee 18,500 18,500 <br />Developer assistance 70,000 70,000 <br />Professional services 8,827 4,675 13,502 <br />Transfer to Special Revenue Fund 1,586 694 2,280 <br />Total expenditures and other uses $19,897 $93,869 113,766 <br />Fund balance - December 31, 1994 $1,093,296 <br />As shown on the preceding table, the City charged this fund an administrative fee of $18,500 <br />in 1994. The developer assistance consisted of payments to ACCUTOOL for facility <br />improvements. <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 <br />was requested before August 1, 1979, or after June 30, 1982, no tax increment shall be <br />used to pay any administrative expenses for a project which exceed ten percent of the total <br />tax increment expenditures authorized by the tax increment financing plan or the total tax <br />increment expenditures for the project, whichever is less. <br />