Laserfiche WebLink
Section 469.177; <br />2. The proceeds from the sale or lease of property, tangible or intangible, purchased by the Authority <br />with tax increments; <br />3. Repayments of loans or other advances made by the Authority with tax increments; and <br />4. Interest or other investment earnings on or from tax increments. <br />Subsection 2-18. Modifications to the District <br />In accordance with M.S., Section 469.175, Subd. 4, any: <br />1. Reduction or enlargement of the geographic area of Redevelopment Project Area No. 3 or the <br />District; <br />2. Increase in amount of bonded indebtedness to be incurred, including a determination to capitalize <br />interest on debt if that determination was not apart of the original plan, or to increase or decrease the <br />amount of interest on the debt to be capitalized; <br />3. Increase in the portion of the captured net tax capacity to be retained by the HRA or City, <br />4. Increase in total estimated tax increment expenditures; or <br />5. Designation of additional property to be acquired by the HRA or City, <br />shall be approved upon the notice and after the discussion, public hearing and findings required for approval <br />of the original TIF Plan. <br />Pursuant to M.S. Section 469.175 Subd. 4(b), the geographic area of the District may be reduced, but shall <br />not be enlarged after five years following the date of certification of the original net tax capacity by the <br />county auditor. If a redevelopment district is enlarged, the reasons and supporting facts for the determination <br />that the addition to the district meets the criteria of M.S., Section 469.174, Subd. 10, paragraph (a), clauses <br />(1) to (5), must be documented in writing and retained. The requirements of this paragraph do not apply if <br />(1) the only modification is elimination' of parcel(s) from Redevelopment Project Area No. 3 or the District <br />and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds the net <br />tax capacity of those parcels) in the District's original net tax capacity or (B) the HRA agrees that, <br />notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no more than <br />the current net tax capacity of the parcel(s) eliminated from the District. <br />The HRA or City must notify the County Auditor of any modification that reduces or enlarges the geographic <br />area of Redevelopment Project Area No. 3 or the District. Modifications to the District in the form of a <br />budget modification or an expansion of the boundaries will be recorded in the TIF Plan. <br />Subsection 2-19. Administrative Expenses <br />In accordance with M.S,. Section 469.174, Subd. 14, and MS., Section 469.176, Subd. 3, administrative <br />expenses means all expenditures of the HRA or City, other than: <br />1. Amounts paid for the purchase of land; <br />2. Amounts paid to contractors or others providing materials and services, including architectural and <br />engineering services, directly connected with the physical development of the real property in the <br />project; <br />3. Relocation benefits paid to or services provided for persons residing. or businesses located in the <br />proj ect; or <br />4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued <br />pursuant to M.S., Section 469.178; or <br />Housing and Redevelopment Authority of St. Anthony <br />Tax Increment Financing Plan for Tax Increment Financing District No. 3-5 <br />32 <br />2-12 <br />