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06-24-2019 Council Packet
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06-24-2019 Council Packet
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10/30/2021 1:08:48 PM
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10/16/2019 12:12:53 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 11 <br /> <br />establishing the minimum market value of land and improvements in the TIF District and shall request that the County <br />Assessor review and certify this assessment agreement as reasonable. <br /> <br />The County shall distribute to the City the amount of tax increment as it becomes available. The amount of tax <br />increment in any year represents the applicable property taxes generated by the retained captured net tax capacity of <br />the TIF District. The amount of tax increment may change due to development anticipated by the TIF Plan, other <br />development, inflation of property values, or changes in property classification rates or formulas. In administering <br />and implementing the TIF Plan, the following actions should occur on an annual basis: <br /> <br /> (1) prior to July 1, the City shall notify the County Assessor of any new development that has occurred <br />in the TIF District during the past year to ensure that the new value will be recorded in a timely <br />manner. <br /> <br /> (2) if the County Auditor receives the request for certification of a new TIF District, or for modification <br />of an existing TIF District, before July 1, the request shall be recognized in determining local tax <br />rates for the current and subsequent levy years. Requests received on or after July 1 shall be <br />used to determine local tax rates in subsequent years. <br /> <br /> (3) each year the County Auditor shall certify the amount of the original net tax capacity of the TIF <br />District. The amount certified shall reflect any changes that occur as a result of the following: <br /> <br /> (a) the value of property that changes from tax-exempt to taxable shall be added to the <br />original net tax capacity of the TIF District. The reverse shall also apply; <br /> <br /> (b) the original net tax capacity may be modified by any approved enlargement or reduction <br />of the TIF District; <br /> <br /> (c) if the TIF District is classified as an economic development district, then the original net <br />tax capacity shall be increased by the amount of the annual adjustment factor; and <br /> <br /> (d) if laws governing the classification of real property cause changes to the percentage of <br />estimated market value to be applied for property tax purposes, then the resulting <br />increase or decrease in net tax capacity shall be applied proportionately to the original net <br />tax capacity and the retained 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 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, Section 469.175, <br />subdivisions 5 and 6. <br />
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