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12-20-2004 EDA Packet
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12-20-2004 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
12/20/2004
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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota <br />shall be applied proportionately to the original net tax capacity and the <br />retained captured net tax capacity of the TIF District. <br />The County Auditor shall notify the Authority of all changes made to the original net tax <br />capacity of the TIF District. <br />Section AB Financial Reporting and Disclosure Requirements <br />The State Auditor shall enforce the provisions of the TIF Act and shall have full responsibility <br />for financial and compliance auditing of the Authority's use of tax increment financing. On or <br />before August 1 of each year, the Authority must annually submit to the State Auditor, County <br />Auditor and to the governing body of the municipality a report which shall: <br />(1) provide full disclosure of the sources and uses of public funds in the TIF District; <br />(2) pen -nit comparison and reconciliation of the accounts and financial reports; <br />(3) permit auditing of the funds expended on behalf of the TIF District; and <br />(4) be consistent with generally accepted accounting principles. <br />The report shall include, among other items, the following information: <br />(1) the original net tax capacity of the district and any subdistrict under 469.177, <br />subdivision 1; <br />(2) the net tax capacity for the reporting period of the district and any subdistrict; <br />(3) the captured net tax capacity of the district; <br />(4) any fiscal disparity deduction from the captured net tax capacity under section <br />469.177, subdivision 3; <br />(5) the captured net tax capacity retained for tax increment financing under <br />469.177, subdivision 2, paragraph (a), clause (1); <br />(6) any captured net tax capacity distributed among affected taxing districts under <br />469.177, subdivision 2, paragraph (a), clause (2); <br />(7) the type of district; <br />(8) the date the municipality approved the tax increment financing plan and the <br />date of approval of any modification of the tax increment financing plan, the <br />approval of which requires notice, discussion, a public hearing, and findings <br />under subdivision 4, paragraph (a); <br />(9) the date the authority first requested certification of the original net tax capacity <br />of the district and the date of request for certification regarding any parcel <br />added to the district; <br />(10) the date the county auditor first certified the original net tax capacity of the <br />district and the date of certification of the original net tax capacity of any parcel <br />added to the district; <br />SPRINGSTED Page 15 <br />
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