08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota Authority agrees that the TIF District's original net tax capacity will be reduced by no more than the current net tax capacity of the parcels eliminated. The Authority must notify the County Auditor of any modification that reduces or enlarges the geographic area of the TIF District. The geographic area of the TIF District may be reduced but not enlarged after five years following the date of certification. Section AA Administration of the Tax Increment Financing Plan Upon adoption of the TIF Plan, the Authority shall submit a copy o'r ch plan to the Minnesota Department of Revenue. The Authority shall also request that original net tax capacity and net tax capacity rate of the T Auditor in this process, the Authority shall submit copied establishing the TIF District and adopting the TIF Plan, and a It improvements. The Authority shall also send the Count Assessor any assessment agreement establishing the minimum market value of land andij fprovements in the iF District, and shall request that the County Assessor review and certif is assessment agreement as reasonable. The County shall distribute to the Authority ViAl,amount s x increment asit becomes available. The amount of tax increment in any yearrepresthe applicable property taxes generated by the retained captured net tax capacify;of the`TIF District. The amount of tax increment may change due to development anticipate b the TIF Plan, other development, inflation of property values, or changes in property classification rates or formulas. In administering and implementing the TIF Plan t Allowing 'awns should occur on an annual basis: (1) prior to July , he; Authority shall t e County Assessor of any new development hat Is occurred the TIF District during the past year to insure that the new value wtllbe record in a timely manner. receives therequest for certification of a new TIF District, or existing TIF District, before July 1, the request shall be ermining "beat 4ax rates for the current and subsequent levy received on or after July 1 shall be used to determine local tax years. each year the County Auditor shall certify the amount of the original net tax capacity of the TIF District. The amount certified shall reflect any changes that :occur as a reset of the following: the ue of property that changes from tax-exempt to taxable shall be to the original net tax capacity of the TIF District. The reverse � l also apply; the original net tax capacity may be modified by any approved enlargement or reduction of the TIF District; (c) if laws governing the classification of real property cause changes to the percentage of estimated market value to be applied for property tax purposes, then the resulting increase or decrease in net tax capacity shall be applied proportionately to the original net tax capacity and the retained captured net tax capacity of the TIF District. (b) County Auditor certify the tr ict. To assist the County TIF Plan, the resolution of any prior planned SPRINGSTED Page 13