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(c) increase the portion of captured assessed value to be retained <br />by the City; <br />(d) increase the total estimated tax increment expenditures; or <br />(e) designate additional property to be acquired by the City. <br />Minnesota Statutes 5273.74, subd. 4- <br />L On or before July 1 of each year, the Administratoe`shall submit to <br />the Ramsey County Board, all affected school boards, and to the Office of the <br />Minnesota State Auditor a report of the status of each Tax increment Financing <br />District No. I in Development District No. 2. The information to be included In <br />the report is given In the model form attached hereto as Appendix C. <br />5. An annual statement showing the tax increment received and <br />expended In that year, the original assessed value, the captured assessed value, the <br />amount of outstanding bonded indebtedness and any additional inrormation the City <br />deems necessary shall be published in the official newspapers of the City. <br />Minnesota Statutes, 5273.74, subd. 5 and other information pursuant to Minnesota <br />Statutes, 5273.74, subd. 6. <br />9. All revenues derived from each Tax Increment Financing District <br />shall be used in accordance with the Tax increment Financing Plan. The revenues <br />shall be used for the following purposes: - <br />1. to pay the principal of and interest on bonds issued to finance <br />R project, <br />2. to finance or otherwise pay the capital and administration <br />costs of Development District No. 2 pursuant to the. Develop[nent District <br />Act; <br />3. to accumulate and maintain a reserve in a special development <br />account for the payment of the principal of and interest on bonds Issued to <br />finance a pcojecta, <br />I. to pay for project costs as identified, and <br />S. to finance or otherwise pay for other purposes as provided in <br />Section 273.75, Subd. 4, of the Tex Increment Financing Act. <br />These revenues shall not be used to circumvent any levy limits. Minnasota <br />Statutes, 5273.75, Subd. 4. <br />10. in the year in which the tax increments exceed the Amount necessary <br />to pay the costs authorized by the Tax Increment Financing Plan, including the <br />amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section <br />475.6t, Subd.3, the City shall use the excess amount to: <br />1. prepay any outstanding bonds; <br />2. discharge the pledge of tax Increment therefor; <br />City of Mounds View TIF District No. I Modification 47 111 a g e <br />