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02-01-2006
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02-01-2006
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8/30/2018 10:15:11 AM
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MV City Council
City Council Document Type
City Council Packets
Date
2/1/2006
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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-15 <br />Subsection 2-18. Administrative Expenses <br />In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the <br />EDA or City, other than: <br />1. Amounts paid for the purchase of land; <br />2. Amounts paid to contractors or others providing materials and services, including architectural and <br />engineering services, directly connected with the physical development of the real property in the <br />project; <br />3. Relocation benefits paid to or services provided for persons residing or businesses located in the <br />project; or <br />4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued <br />pursuant to M.S., Section 469.178; or <br />5. Amounts used to pay other financial obligations to the extent those obligations were used to finance <br />costs described in clauses (1) to (3). <br />For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982, <br />administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, <br />and planning or economic development consultants. Pursuant to M.S., Section 469.176, Subd. 3, tax <br />increment may be used to pay any authorized and documented administrative expenses for the District up <br />to but not to exceed 10 percent of the total estimated tax increment expenditures authorized by the TIF Plan <br />or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause (1), from the District, <br />whichever is less. <br />Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the County's actual <br />administrative expenses incurred in connection with the District. The county may require payment of those <br />expenses by February 15 of the year following the year the expenses were incurred. <br />Pursuant to M.S., Section 469. 177, Subd. 11, the County Treasurer shall deduct an amount (currently .36 <br />percent) of any increment distributed to the EDA or City and the County Treasurer shall pay the amount <br />deducted to the State Treasurer for deposit in the state general fund to be appropriated to the State Auditor <br />for the cost of financial reporting of tax increment financing information and the cost of examining and <br />auditing authorities' use of tax increment financing. This amount may be adjusted annually by the <br />Commissioner of Revenue. <br />Subsection 2-19. Limitation of Increment <br />The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District <br />may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow <br />account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or <br />redemption date. <br />Pursuant to M.S., Section 469.176, Subd. 6: <br />if, after four years from the date of certification of the original net tax capacity of the tax increment <br />financing district pursuant to M.S., Section 469.177, no demolition, rehabilitation or renovation of <br />property or other site preparation, including qualified improvement of a street adjacent to a parcel <br />but not installation of utility service including sewer or water systems, has been commenced on a <br />parcel located within a tax increment financing district by the authority or by the owner of the parcel <br />in accordance with the tax increment financing plan, no additional tax increment may be taken from
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