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3.0. HRSR 02-05-2001
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3.0. HRSR 02-05-2001
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City Government
type
HRSR
date
2/5/2001
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HOW INCREMENT MAY BE USED <br /> Eligible Uses. <br /> IIIIn addition to the specific limitations for each type of TIF District,tax increment may be spent only for specified purposes <br /> permitted in the underlying development statutes. Such purposes generally include: <br /> ❑ land acquisition; <br /> ❑ site improvements; <br /> ❑ public and on-site utilities; <br /> ❑ demolition; <br /> ❑ relocation; and, <br /> ❑ administration. <br /> If the authority owns a Project, increment may be used to finance essentially any aspect of the Project. Because the <br /> development statutes are often ambiguous,whether a particular activity is TIF-eligible may depend on the facts in each case. <br /> Administrative Expense. <br /> Administrative expenditures are limited to 10%of the expenditures authorized in the TIF Plan,or 10%of actual increment <br /> expenditures,whichever is less. They are defined to mean all expenditures of the authority other than land acquisition and <br /> relocation costs and costs"directly connected with the physical development of the real property in the district." <br /> The County auditor may assess each TIF district for the county's costs of administrating the district,and the fee may be paid <br /> from tax increment. <br /> General Government Use. <br /> Increment may not be used to finance buildings that are used "primarily and regularly for conducting the business"of any <br /> unit of government, except for parking structures, a commons area used as a public park, or a facility used for social, <br /> recreational or conference purposes. <br /> If a TIF-financed social,recreational or conference facility is operated by an entity other than the authority,the authority's <br /> governing body must approve operating policies for the facility. This would apply,for example,when an HRA finances a <br /> city community center. <br /> Guaranty Fund. <br /> An authority may establish a guaranty fund to indemnity a person for liability for remediation costs under state or federal <br /> environmental law. The maximum term ofthe indemnity is 25 years,and the maximum amount is one-half of the remediation <br /> costs. The authority may deposit tax increments in the fund,and the municipality may also appropriate money for deposit <br /> in the fund. <br /> • <br /> Ehlers&Associates-TIF Basics 7 <br />
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