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

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• • • City of Lino Lakes, Minnesota (4) return excess tax increments to the County Auditor for redistribution to the City, County and School District. The County Auditor must report to the Commissioner of Education the amount of any excess tax increment redistributed to the School District within 30 days of such redistribution. Section S Tax Increment Pooling and the Five Year Rule At least 80% of the tax increments from the TIF District must be expended on activities within the district or to pay for bonds used to finance the estimated publicsets of the TIF District (see nerements may be spent on roject Area, except to pay are considered to have cons dared to have been spent Section E for additional restrictions). No more than 20% of the t costs outside of the TIF District but within the boundaries o debt service on credit enhanced bonds. All administrative;, been spent outside of the TIF District. Tax increments within the TIF District if such amounts are: (1) actually paid to a third party for act hies performed within the IF District within five years after certification of the istrict; (2) used to pay bonds that were issue nd sott o a third party, the proceeds of which are reasonably expected on the t et of issuance to be spent within the later of the five -year period or a reasonable temporary period or are deposited in a reasonably required re rve r replacement upd. used to make payments contracts for uactivities perf within five re rs fte ' certific used. incurs ments is third party under binding Dirfrct, which were entered into payment of eligible costs (including interest) cation of the district. Beginning with the sixt increment within th has be° -et aside to I Oa of the TIF District, at least 80% of the tax outstand hinds or make contractual payments obligated outstanding bonds have been defeased and sufficient money ontractual obligations, the TIF District must be decertified. The £"o'? fPrity does not a (except 4 lylowable admi allow for t 'p. °dement pooli Section T Lim ate ax increments will be spent outside of the TIF District ative expenses); however, the Authority does reserve the right to from the TIF District in the future. Administrative Expenses Administrative expenses are defined as all costs of the Authority other than: (3) amounts paid for the purchase of land; amounts paid for materials and services, including architectural and engineering services directly connected with the physical development of the real property in the project; relocation benefits paid to, or services provided for, persons residing or businesses located in the project; SPRINGSTED Page 9