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Authorized uses: The TIF Plan contains a budget that authorizes the maximum amount that <br />may be expended: <br />Land/Building Acquisition $100,000 <br />Site Improvements /Preparation $1,800,000 <br />Public Utilities $400,000 <br />Streets and Sidewalks $177,289 <br />Administrative Costs (up to 10 $367,801 <br />PROJECT COSTS TOTAL $2,845,090 <br />Interest $932,922 <br />PROJECT COSTS TOTAL UM <br />Form of financing: The project is proposed to be financed by a pay- as -youjo note. <br />Administrative fee: Up to 10% of annual increment, if costs are justified. <br />Interfund Loan If the City wants to pay for administrative expenditures from a tax increment <br />Requirement: fund, it is recommended that a resolution authorizing a loan from another <br />fund be passed PRIOR to the issuance of the check. <br />4 Year Activity Rule After four years from the date of certification of the District one of the <br />469.176 Subd. 6) following activities must have been commenced on each parcel in the District: <br />Demolition <br />Rehabilitation <br />Renovation <br />Other site preparation (not including utility services such as sewer and <br />water) <br />If the activity has not been started by approximately April 2013, no additional <br />tax increment may be taken from that parcel until the commencement of a <br />qualifying activity. <br />5 Year Rule Within 5 years of certification revenues derived from tax increments must be <br />(s <br />469.1 763 Subd. 3) expended or obligated to be expended. <br />Any obligations in the District made after approximately December 2015, will <br />not be eligible for repayment from tax increments. <br />Page 2 <br />FREERS <br />LEADERS IN PUBLIC FINANCE <br />