07/09/2003 P&Z Packet - Laserfiche WebLink

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• • • City of Lino Lakes, Minnesota appropriated to the State Auditor for the cost of financial reporting and auditing of tax increment financing information throughout the state. Exhibit III shows the projected deduction for this purpose over the anticipated life of the TIF District. The Authority has determined that it will use 100% of the remaining tax increment generated by the TIF District for any of the following purposes: (1) pay for the estimated public costs of the TIF District (see Section K) and County administrative costs associated with the TIF District (see Section T); (2) pay principal and interest on tax increment bonds, other bonds issued to finance the estimated public costs of the TIF Distri (3) accumulate a reserve securing the payment bonds issued to finance the estimated publicists of (4) pay all or a portion of the county ro Board under M.S. Section 469.175 (5) return excess tax increments to County and School District. ,increment bonds or other IF District; is as may be rlrred by the County ivision la; or county Auditor for redistribution to the City, Tax increments from property locate, one county m st be expended for the direct and primary benefit of a project located within that county, unless both county boards involved waive this requirement. Tax increments shall-,n t be s • to circumvent levy limitations applicable to the City. Tax increment shall not b or maintenance of a bu 1 municipality, county : F government, or fot recreational, or conlE renovation of a parking If there bene with of tax fair mar" subsidies, paid for 0 finance ed prime any otht a used a aging i0 0eg pool district; commons e pure sition;ttstruction, renovation, operation, nd regularly for conducting the business of a local unit of government or the State or federal public park, or a facility used for social, his prohtb tion does not apply to the construction or ovined facility for conference purposes. ement or arrangement providing for the developer, or other to rep all or a portion of the assistance that was paid or financed yme hall be subject to all of the restrictions imposed on the use e incl s sale of property at less than the cost of acquisition or Lund or other leases at less then fair market rent, interest rate fictions, roads, or other similar assistance that would otherwise be neficiary. of assist: ncrements, suF ments. Assis alue, grants, service cone by th eloper or Section R Exce ° :fix Increment In any year in which the tax increments from the TIF District exceed the amount necessary to pay the estimated public costs authorized by the TIF Plan, the Authority shall use the excess tax increments to: (1) (2) (3) prepay any outstanding tax increment bonds; discharge the pledge of tax increments thereof; pay amounts into an escrow account dedicated to the payment of the tax increment bonds; or SPRI NGSTED Page 8