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04-21-1997 WS
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04-21-1997 WS
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6/28/2018 1:52:09 PM
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MV City Council
City Council Document Type
City Council Packets
Date
4/21/1997
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6126360183 EVEREST GROUP 730 P05/05 APR 16 '97 16:41 <br /> • <br /> 0 ANAL'Y'SIS <br /> Limitation on the use of tax increment are to be found in Minnesota Statutes 469.176, Subd. <br /> 4. The pertinent provisions are as follows: <br /> "All revenues derived from tax increment shall be used in accord. Ej--= <br /> tax increment financing plan. The revenues shall be used solely for t' . <br /> following purposes: (1) to pay the principal of and interest on bonds issued to <br /> finance a project; ...by an economic development authority to fins--- A <br /> otherwise pay the cost of redevelopment' pursuant to sections 469.090 to <br /> 469.108, ...by a municipality or economic development authority to finance or <br /> otherwise pay the capital and administration costs of a development district <br /> pursuant to sections 469,124 to 469.134..." <br /> The payment for site improvements by the Authority are clearly a reir ' <br /> for payment with tax increment under the City development district st2 <br /> idevelopment authorities statutes which are cited above. Those str , y <br /> payment for overhead and profit to a vendor (whether or not it is the develhpe c)X as 1b li., <br /> of the developer). <br /> CONCLUSION <br /> A vendor's overhead and profit are tax increment eligible expenses. <br /> JRC/jms <br /> 1EVERESIIMOUNDS\M4 <br /> •• <br /> • <br /> -2- <br />
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