Agenda Packets - 1986/10/06 - Laserfiche WebLink

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PROCEDURAL REQUIREMENTS 1. All actions taken by the Administrator pursuant to the above - mentioned powers shall be carried out within the statutory requirements as given in Chapter 412 of Minnesota Statutes relating to statutory cities. 2. An amount not exceeding ten percent (10%) of the total tax Increment expenditures authorized by the Tax increment Financing Plan or the total tax increment expenditures for the Project, whichever is less, can be used to pay any administrative expenses for a protect. Minnesota Statutes 5273.75, subd. 3. 3. Administrative expenses Include amounts paid for services provided by bond counsel, fiscal consultants, and plariing or economic development consultants. Administrative expenses do not Include amounts paid for the purchase of land or amounts paid to contractors or others providing 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, or amounts used to pay Interest on, fund a reserve for, or sell at a discount bonds Issued pursuant to section 273,77, Minnesota Statutes 5273.73, subd. 13. 4. Following Council approval of a Tax Increment Financing Plan for a Tax Increment Financing District, the Administrator shall request the County Auditor to certify the original assessed value of the Tax increment Financing District. Minnesota Statutes 5273.74, subd. 3. 5. Upon adoption by the Council of the Tax Increment Financing Plan „ for a Tax Increment Financing District, the Administrator shall file a copy of th_ Tax increment Financing Plan with the commissioner of enr-gy and economic development. Minnesota Statutes, 5273.74, subd. 2. The plans should be addressed as follows: Minnesota Department of Energy and Economic Development Division of Community Development 9th Floor, American Center Building 150 Fast Kellogg Blvd. St. Paul, Minnesota 55101 ATTN: Michael Auger 6. The Administrator shall seek modification of a Tax increment Financing Plan for a Tax Increment Financing District by the process required for npproval of the original Tax increment Financing Plan if the Clty seeks to do any of the following: (a) reduce or enlarge the geographic area of the Tax Increment Financing District (the geographic area can be reduced but not enlarged after five (5) years following certification of the original assessed value or the Tax Increment Financing District); (b) incrense the amount of bonded Indebtedness to be Incurred; F-2