Laserfiche WebLink
The geographic area of the TIF District may be <br /> reduced, but may not be enlarged after five years <br /> following the date -of certification of the original <br /> asssessed value by the County Auditor,. <br /> 2. Use of 7a:; I nc remen t <br /> Pursuant to Minnesota Statute, all tax increment <br /> revenues derived from the TIF District shall be <br /> used in accordance with this TIF Flan and shall be <br /> used solely for• the following purposes: a) to pay <br /> the interest on loans or• loans issued to finance <br /> the soil cor•r•ection; and b) to finance the cost of <br /> administration, capitalized interest and issuance <br /> costs. <br /> s. Excess Tax, Increments <br /> Pursuant to Minnesota Statute in any year, in which <br /> the tax increment should exceed the amount <br /> necessary to pay the costs authorized by this TIF <br /> Flan, the HRA shall use the excess amount to do any <br /> of the following, in the or-der, determined by the <br /> HRA: <br /> a. Repay any outstanding Tax Increment Loans; <br /> b. Discharge the pledge of Tax Increment thereof; <br /> C. Fay into an escrow account dedicated to the <br /> payment of such loans; or- <br /> d. Fay administrative expenses allowable pursuant <br /> to Minnesota Statutes Section 469. 176. <br /> 15 <br />