10-27-1999 Council Agenda - Laserfiche WebLink

Home Browse Search

TIF District No. 3 -2 Pursuant to Section 469.176, Subd. 5, of the Tax Increment Financing Act, no more than twenty -five percent (25 %), by acreage, of the property to be acquired in the Tax Increment Financing District as set forth in the tax increment financing plan shall at any time be owned by the City as a result of acquisition with the proceeds of bonds issued pursuant to Section 469.178, of the Tax Increment Financing Act, without the City having, prior to acquisition in excess of twenty -five percent (25 %) of the acreage, concluded an agreement for the development or of the property acquired and which provides recourse for the City should the development not be completed. 2.13.2 Assessment Agreements Pursuant to Minnesota Statutes, Section 469.177, Subdivision 8, the City may enter into an agreement in recordable form with the developer of property within the tax increment financing district which establishes a minimum market value of the land and completed improvements for the duration of District No. 3 -2. The assessment agreement shall be presented to the assessor who shall review the plans and specifications for the improvements constructed, review the market value previously assigned to the land upon which the improvements are to be constructed and, so long as the minimum market value contained in the assessment agreement appear, in the judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. 2.14 Administration Administration of District No. 3 -2 will be handled by the City Administrator of the City of Little Canada. 2.15 Financial Reporting Requirements The following section describes the statutory requirements for financial reporting related to tax increment financing. 2.15.1 Annual Status Report On or before July 1 of each year, the City shall submit to the county board, the county auditor, the school board, and state auditor a report on the status of each tax increment financing district." The report shall include the following information: 1. the amount and source of revenue in the tax increment account; 2. the amount and purpose of expenditures from the account; 3. the amount of any pledge of revenues, including principal and interest, on any outstanding bond indebtedness; 4. the original net tax capacity of the Tax Increment Financing District; 5. the captured value retained by the City; 6. the captured value shared with other taxing districts; 7. the tax increment received; 8. any additional information to demonstrate compliance with the tax increment financing plan. 2.15.2 Annual Statement The City shall prepare and publish, in a newspaper of general circulation in the City, an annual statement 11 Minnesota Statutes, Section 469.175, Subdivisions 5. page 156 2 -14