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

Home Search

• • City of Lino Lakes, Minnesota (4) amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued pursuant to section 469.178; or (5) amounts used to pay other financial obligations to the extent those obligations were used to finance costs described in clause (1) to (3). Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants, planning or economic development consultants, and actual costs incurred by the County in administering the TIF District. Tax increments may be used to pay administrative expenses of the TIF District up to the lesser of (a) 10% of the total estimated public costs authorized by the TIF Plan or (b) 10% of the total tax increment "Oltures for the project. Section U Limitation on Property Not Subject to Imp!, .vaDri n . - Four Year Rule If after four years from certification of the TIF District nadmolition, re a ilitation, renovation, or qualified improvement of an adjacent street has commenced on a parcel Located within the TIF District, then that parcel shall be excluded from the District and the original net tax capacity shall be adjusted accordingly. Qualified improvements of a street are limited to construction or opening of a new street, relocation of a street, orrsubstantial_, e bnstruction or rebuilding of an existing street. The Authority must submit to the County Aud of, by February 1 of the fifth year, evidence that the required activity has taken place for each p rcel in the TIF District. If a parcel is excluded from the TIF't strict and the A thority or owner of the parcel subsequently commences any of the above a vities, the Au ority shall certify to the County Auditor that such activity has commence and th parcel sha once again be included in the 6. TIF District. The County Auditor shall certify the net fax capacity of the parcel, as most recently certified by the Commissioner o l evenue, and addsuch ar o nt to the original net tax capacity of the TIF District. r Taxijgyurisdictions mpact on eat` pmtaxing jurisdictions if the maximum projected ty of the TIF District was hypothetically available to the other elieves that there will be no adverse impact on other taxing the District, since the proposed development would not have meniti The TIF District and the provision of public assistance. A jurisdi ions will occur when the TIF District is decertified and the part of the general tax base. Exhibit IV e retained; taxin isdictions. juris cans during the I occur re without the estab positive impact on other to developmen therein becom Section W Prig`:N® +ed Improvements The Authority shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. There have been no building permits issued in the last 18 months in conjunction with any of the properties within the TIF District. • Section X Development Agreements SPRINGSTED Page 10