Agenda Packets - 1988/02/22 - Laserfiche WebLink

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assessed value was available for each taxing jurisdiction, the non -receipt of tax dollars represented as tax ir^_rements may be determined. This determination is facilitated by estimating how much the mill levy for property outside of the tax increment financing district would have to be increased to raise the same amount of tax dollars in each taxing jurisdiction that would be available if the projects occurred WITHOUT THE ASSISTANCE OF THE CiTY. Without .Adjusted* Required F.D. Assessed Value Mills Contribution School District $ 604,464,784 .141 85,496 County $3,315,182,299 .015 48,758 City $ 59,177,551 .469 24,210 *Tax increment District assessed valuation subtracted. N. Modifications of the Tax Increment Financing District In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be Incurred, including a determination or capitalize interest on debt If that determination was not a part of the original plan, or to Increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured assessed value to be retained by the City, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the authority shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original plan. The geographic area of a tax increment financing district may be reduced, but shall not be enlarged after five years following the date of certification of the original assessed value by the county auditor. The tax increment financing redevelopment district may therefore be Expanded until 1993. O. Limitation on Administrative Expenses In accordance with Minnesota Statutes, Section 469.174, Subdivision 14 and Minnesota Statutes, Section 469.174, Subdivision 3, administrative expenses means all expenditures of an authority other than 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 district, relocation benefits paid to or services provided for persons residing or businesses located Ia the district or amounts used to pay Interest on, fund a reserve for, or sell at a discount bonds Issued pursuant to Section 469.178. Administrative expenses includes amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. No tax Increment shall be used to pay any administrative expenses for a project which exceed ten percent 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.