7A, Tax Increment Financing for District #3

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The estimates listed above display the captured tax capacity as of 2009. The tax rate used for calculations is the final Pay 2009 rate. The total net capacity for the entities listed above are based on actual Pay 2009 figures. Section 2.18. Modification of Tax Increment Financing District and/or Tax Increment Financing Plan. As of April 26, 1993, no modifications to Tax Increment Financing District No. 3 or the Tax Increment Financing Plan therefore have been made, said date being the date of initial approval and adoption thereof by the City Council. (AS MODIFIED MAY 27, 1997) As of May 27, 1997, the Tax Increment Financing Plan was modified to account for a more detailed project costs and account for the bonded indebtedness. (AS MODIFIED DECEMBER 14, 2009) Section 2.19. Administrative Expenses. In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the 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 project; 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 clauses (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. Pursuant to M.S., Section 469.176, Subd. 3, tax increment may be used to pay any authorized and documented administrative expenses for the District up to but not to exceed 10 percent of the total estimated tax increment expenditures authorized by the TIF Plan or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause (1), from the District, 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 and are not subject to the percentage limits of M.S., Section 469.176 Subd. 3. 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 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. City of Arden Hills Modification of Tax Increment Financing District No. 3