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2019-10-09 CC Packet
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2019-10-09 CC Packet
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10/7/2019 8:05:08 AM
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()- <br />TAXINCREMENTFINANCINGHOUSINGDISTRICTNO.18 <br />3.04.4AdministrativeExpense <br />TheCityreservestherighttouseuptotenpercent(10%)ofannualtaxincrementrevenues, <br />inadditiontoanyrequiredfeespaidtotheStateofMinnesotaandCounty.TheCitymay <br />determinetouselessthanthe10%foradminsistrativeexpense,whichisthemaximum <br />allowableundertheTIFAct.TheCitywillusethesemoniestopayforandreimbursethe <br />CityforcostsofadministeringtheTIFdistrictallowedbytheTIFAct.Theestimatedamount <br />oftaxincrementrevenueplannedtopayadministrativeexpenseisshowninFigure3-1. <br />AdministrativeexpensesoftheTIFDistrictwillincludecostsrelatedtotheestablishment, <br />annualauditofthefundforTIFDistrict,preparationofannualreporting,legalpublicationof <br />annualreport,andadministrationofthedevelopmentagreement. <br />3.04.5CountyRoadCosts <br />Theproposeddevelopmentwillnotsubstantiallyincreasetheuseofcountyroadsand <br />necessitatetheneedtousetaxincrementstopayforcountyroadimprovements. <br />DRAFTFORPUBLICHEARINGOCTOBER9,20199 <br />20 <br /> <br />
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