Agenda Packets - 1986/10/06 - Laserfiche WebLink

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1� (c) Increase the portion of cartured assessed value to be retained by the City; (d) Increase the total estimated tax Increment expenditures; or (e) designate additional property to be acquired by the City. Minnesota Statutes 5273.74,subd. 4. 7. On or before July 1 of each year, the Administrator shall submit to the Ramsey County Board, all affected school boards, and to the Office of the Minnesota State Auditor a report of the status of each Tax increment Financing District No. 1 in Development District No. 2. The Information to be Included in the report is given in the model form attached hereto as Appendix C. S. An annual statement showing the tax Increment received and expended In that year, the original assessed value, the captured assessed value, the, amount of outstanding bonded Indebtedness and any additional Information the City deems necessary shnll be publishcd ,,: the official newspapers or the City. Minnesota Statutes, 5273.74, suhd. 5 and other information pursuant to Minnesota Statutes, 273.74, Subd. 6. 9. All revenues derived from each Tax increment Financing District shall be used in accordance with the Tax Increment Financing Plan. The revenues shall be used for the following purposes: 1. to pay the principal of and interest on bonds issued to finance a project; 2. to finance or otherwise pay the capital and administration costs of Development District No. 2 pursuant to the Development District Act; 3. to accumulate and maintain a reserve in a special development account for the payment of the principal of and Interest on bonds Issued to finance a project; 4. to pay for project costs as identified; a-;,d 5. to finance or otherwise pay for other purposes as provided in Section 273.75, Subd. 4: of the Tax Increment Financing Act. These revenues shall not be used to circumvent any levy limits. Minnesota Statutes, 327375, Subd. 4. 16. in the year in which the tax Increments exceed the amount necessary to pay the costs authorized by the Tax Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Su'ud.3, the City shall use the excess amount to: 1. prepay any outstanding bonds; 2. discharge the pledge of tax Increment therefor; F-3