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ROMP <br />City of Lino Lakes, Minnesota <br />Management Report, Page 28 <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 />Revenue and other sources: <br />Tax increments <br />HACA <br />Interest on investments <br />Total revenue and other sources <br />Expenditures and other uses: <br />Transfer to TIF 1 -3 <br />Professional services <br />Transfer to Special Revenue Fund <br />Total expenditures <br />Prior <br />Years 1993 Total <br />$671,820 $180,628 $852,448 <br />8,683 0 8,683 <br />66,273 47,379 113,652 <br />$746,776 $228,007 974,783 <br />$0 $9,484 9,484 <br />5,035 3,792 8,827 <br />1,586 0 1,586 <br />$$6,621 . $13,276 19,897 • <br />Fund balance - December 31,1993 $954,886 <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 />