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City of Little Canada, Minnesota <br />Baker Tilly Municipal Advisors, LLC Page 13 <br /> (2) if the County Auditor receives the request for certification of a new TIF District, or <br />for modification of an existing TIF District, before July 1, the request shall be <br />recognized in determining local tax rates for the current and subsequent levy <br />years. Requests received on or after July 1 shall be used to determine local tax <br />rates in subsequent years. <br /> <br /> (3) each year the County Auditor shall certify the amount of the original net tax <br />capacity of the TIF District. The amount certified shall reflect any changes that <br />occur as a result of the following: <br /> <br /> (a) the value of property that changes from tax-exempt to taxable shall be <br />added to the original net tax capacity of the TIF District. The reverse shall <br />also apply; <br /> <br /> (b) the original net tax capacity may be modified by any approved <br />enlargement or reduction of the TIF District; <br /> <br /> (c) if laws governing the classification of real property cause changes to the <br />percentage of estimated market value to be applied for property tax <br />purposes, then the resulting increase or decrease in net tax capacity shall <br />be applied proportionately to the original net tax capacity and the retained <br />captured net tax capacity of the TIF District. <br /> <br />The County Auditor shall notify the City of all changes made to the original net tax capacity of <br />the TIF District. <br /> <br /> <br />Section AB Filing TIF Plan, Financial Reporting and Disclosure Requirements <br /> <br />The City will comply with all reporting requirements for the TIF District under Minnesota Statutes <br />section 469.175, subds. 5 and 6. <br />