Correspondence 1989-1992 Waldron

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increase in total estimated tax increment expenditures designation of additional property to be acquired by � authority shall be approved upon the notice and after discussion, public hearing and findings required approval of the original plan. The geographic area of a increment financing district may be reduced, but shall be enlarged after five years following the date certification of the Original Net Tax Capacity by county auditor. Tax increment Financing District No. 11 therefore, be expanded until 1995. O. P. Q• � � Limitation on Administrative Expenses or the the for tax not of the may In accordance with Minnesota Statutes, Section 469.174, Subdivision 14, and Minnesota Statutes, Section 469.176, Subdivision 3, administrative expenses means all expenditures of an authority other than amounts paid for the purchase of land or 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 district, relocation benefits paid to or services provided for persons rasiding or businesses located in the district or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds �ssued pursuant to Section 469.178. Administrative expenses includes amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. No �ax increment shall be used to pay any administrative expenses for a project which exceed ten percent of the total tax increment expenditures authorized by the tax increment financing plan or the total tax increment expendit�res for the project, whichever is less. Limitation on Duration of Tax Increment Financing Districts Pursuant to Minneso�a Statutes, Section 469.176, Subdivision 1, "no tax increment shall be paid by an authority �hree years from the date of certification by the Caunty Auditor unless within the three-year period (1) bonds have been issued pursuant to Section 469.178 or in aid of a proj�ct pursuant to any other law, except revernie bonds issued pursuant to Section 469.152 through 469.165, prior to the effective date of the Acts or (2) the authority has acquired property within the district; or (3) the authority has constructed or caused to be constructed public improvements within the district ... The City must, therefore, issue bonds, or acquire property, or construct or cause �ublic improvements to be constructed by 1990 or the Office of the County Auditor may dissolve Tax Increment District No. 11. Limitation on Qualification of Property Tax Increment Financing District not Subject to Improvement