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Last modified
2/16/2024 3:30:14 PM
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2/16/2024 12:26:49 PM
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Planning Files
Planning Files - Planning File #
1481
Planning Files - Type
Planning-Other
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determination was not a part of the original plan, or to increase or decrease <br />the amount of interest on the debt to be capitalized, increase in the portion <br />of the captured assessed value to be retained by the City, increase in total <br />estimated tax increment expenditures or designation of additional property <br />to be acquired by the authority shall be approved upon the notice and after <br />the discussion, public hearing and findings required for approval of the <br />original plan. The geographic area of a tax increment financing district may <br />be reduced, but shall not be enlarged after five years following the date of <br />certification of the original assessed value by the county auditor. The tax <br />increment financing redevelopment district may therefore be expanded until <br />1989. <br />0. Limitation on Administrative Expenses <br />In accordance with Minnesota Statutes, Section 273.73, Subdivision 13 and <br />Minnesota Statutes, Section 273.75, Subdivision 3, administrative expenses <br />means all expenditures of an authority other than amounts paid for the <br />purchase of land or amounts paid to contractors or others providing <br />materials and services, including architectural and engineering services, <br />directly connected with the physical development of the real property In the <br />district, relocation benefits paid to or services provided for persons residing <br />or businesses located in the district or amounts used to pay Interest on, fund <br />a reserve for, or sell at a discount bonds issued pursuant to Section 273.77. <br />Administrative expenses includes amounts paid for services provided by bond <br />counsel, fiscal consultants, and planning or economic development <br />consultants. No tax Increment shall be used to pay any administrative <br />expenses for a project which exceed ten percent .)f the total tax increment <br />expenditures authorized by the tax increment financing plan or the total tax <br />Increment expenditures for the project, whichever is less. <br />P. Limitation on Duration of Tax Increment Financing Districts <br />Pursuant to Minnesota Statutes, Section 273.75, Subdivision 1, "no tax <br />Increment shall be paid to an authority three years from the date of <br />certification by the County Auditor unless within the three-year period (1) <br />bonds have been issued pursuant to Section 273.77 or in aid of a project <br />pursuant to any other law, except revenue bonds issued pursuant to Chapter <br />474, prior to the effective date of the Act; or (2) the authority has acquired <br />property within the district; or (3) the authority has constructed or caused <br />to be constructed public improvements within the district ... " The City <br />must therefore issue bonds, or acquire property, or construct or cause public <br />Improvements to be constructed by 1987 or the Office of the County <br />Auditor may dissolve the tax increment financing district. <br />�. Limitation on Qualification of Property in Tax Increment District Not <br />Subject to Improvement <br />Pursuant to Minnesota Statutes Section 273.75, Subdivision 6, "if, after four <br />years from the date of certification of the original assessed value of the tax <br />Increment financing district ..., no demolition, rehabilitation or renovation <br />of parcel or other site preparati,,n including improvement of a street <br />adjacent to a property but not insta' ,tion of utility service including sewer <br />11 <br />
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