PL PACKET 02212006 - Laserfiche WebLink

Home Browse Search

tax capacity of those parcel(s) in the District's original net tax capacity or (B) the HRA agrees that, notwithstanding M.S., Section 469.177, Subd. 1,the original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the District. The HRA or City must notify the County Auditor of any modification that reduces or enlarges the geographic area of Redevelopment Project Area No. 3 or the District. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF Plan. Subsection 2-19.Administrative Expenses In accordance with M.S., Section 469.174, Subd. 14, andMS., Section 469.176, Subd. 3, administrative expenses means all expenditures of the HRA or City, other than: 1. Amounts paid for the purchase of land; 2. 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; 3. Relocation benefits paid to or services provided for persons residing or businesses located in the proj ect; or 4. Amounts used to pay principal or interest on,fund a reserve for,or sell at a discount bonds issued pursuant to M.S., Section 469.178; or 5. Amounts used to pay other financial obligations to the extent those obligations were used to finance costs described in sections 1 to 3. For districts for which the request for certification were made before August 1, 1979,or after June 30,1982, administrative expenses also include amounts paid for services provided by bond counsel,fiscal consultants, and planning or economic development consultants. Tax increment maybe used to pay any authorized and documented administrative expenses for the District up to but not to exceed 10 percent of the total tax increment expenditures authorized by the TIF Plan or the total tax increment expenditures for Redevelopment Project Area No. 3,whichever is less. Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the county's actual administrative expenses incurred in connection with the District_ The county may require payment of those expenses by February 15 of the year following the year the expenses were incurred. Pursuant to M.S.,Section 469. 177, Subd. 11,the County Treasurer shall deduct an amount(currently.36 percent)of any increment distributed to the HRA or City and the County Treasurer shall pay the amount deducted to the State Treasurer for deposit in the state general fund to be appropriated to the State Auditor for the cost of financial reporting of tax increment financing information and the cost of examining and auditing authorities' use of tax increment financing. This amount may be adjusted annually by the Commissioner of Revenue. Subsection 2-20.Limitation of Increment Pursuant to M.S., Section 469.176, Subd la, no tax increment shall be paid to the HRA or City for the District after three(3)years from the date of certification of the Original Net Tax Capacity value of the taxable property in the District by the County Auditor unless within the three(3)year period: Housing and Redevelopment Authority of St. Anthony Tax Increment Financing Plan for Tax Increment Financing District No23--3