Correspondence 1989-1992 Waldron

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providing materials and services, in�luding architectural • and engineering services, directly c�nnected with the physical development �f the real property in the district, �elocation benefits paid to or services provided for persons residing or businesses iacated in the district or amounts used to pay interest dn, ��and a reserve f�r, or s�ll at a discount bonds issued pursuant to Section 469.178. Administrative expens�s includes amounts paid for services provided by bond counsel, fiscal consultan�ts, and planning o� �conomi� development consultants. Na tax increment shall be use� ta pay any administrative expenses for a projec� which exceed ten percent �f the total tax increment expenditures authori�ed by the tax increment financing plan or the tatal tax increment expenditures fo� the project, whichever is less. P. Limitation on Duration of Tax Increment Fina�cin� Districts Fursuant �a Minnes�ta Statutes, Section 469.176, Subdivision 1, 'vno tax increment shall be �a�d by an authority three years from the date of cert�fication by �he County Auditar unless within the th�ee-year period (1) b�nds have be�n issu�d pursuant t4 �ection 469.�78 or in aid of a project pursuant to any �ther law, except revenue bands issued pursua�t to Section 469.152 through 469.165, pr�or to the effec��ve d�te �f the Act; or (2) t�e authori��y �as acqui�ed p�aperty within the di�trict; or (3) the �u�hor��y ha� � constructed o� caused to be constructed public improvemen�s within the di��rict .,. �he Cit� mustf therefo�e, issue bQnds, ar acqui�e p�operty, or cons�ruct or c�use publi� improvements ta be can��ructed by 199Q ar the Offic� o� the County Auditor may dis�olve �ax Increment District No. 12. Q. Limita�ion an Qualificatio� of P�o�erty Tax Increm�nt Financ�ng Distric� not Subject ta Imp�ovement Pursuan� to Minnesota Statutes Sect�on 469.176, Subdivi�ian 6 � "af, af�er four years from the date of certifi.cation of the Qriginal Estimated Market Value of the tax in�cremerit financing di�tric� .�., no demalition, rehabili�ation ar renovation, o� parce�. or other site preparation including improvement of a street adja�ent to a property bu� not installati�on of utility service including sewer or wa�er systems, has� been commenced on a parcel located within a tax increment fir�ancing district by the authority or by the owner of the parcel in �ccordance with the �ax increm�nt �inancing plan, no addztional tax xncrement may b� taken from that parcel and �he Original Net Tax Capacity of that parcel sha11 be excludeci from the Original Net Tax Capacit� of the tax increment financing district. If the authori.ty nr the owner of the parcel sub�equently commences demalition, rehabili�ation ar renovation or other site � pr�eparation on that parcel including improvement of a street adj�►cent to that parcel, in accordance with the tax �