07/09/2003 P&Z Packet - Laserfiche WebLink

Home Search

City of Lino Lakes, Minnesota • Auditor in this process, the Authority shall submit copies of the TIF Plan, the resolution establishing the TIF District and adopting the TIF Plan, and a listing of any prior planned improvements. The Authority shall also send the County Assessor any assessment agreement establishing the minimum market value of land and improvements in the TIF District, and shall request that the County Assessor review and certify this assessment agreement as reasonable. The County shall distribute to the Authority the amount of tax increment as it becomes available. The amount of tax increment in any year represents the applicable property taxes generated by the retained captured net tax capacity of the TIF District. The amount of tax increment may change due to development anticipated by the TIF Ian, other development, inflation of property values, or changes in property classifica • "'rates or formulas. In administering and implementing the TIF Plan, the following actin ould occur on an annual basis: • • (1) prior to July 1, the Authority shall notify't° Cou development that has occurred in the TI APistrict duriri that the new value will be recorded in s el Y manner. Assessor of any new past year to insure (2) if the County Auditor receives threquest for certification of a neuUiTIF District, or for modification of an existing TIF D strict, b at* July 1, the request shall be recognized in determining local to rates foi current and subsequent levy years. Requests received on or after J)y all be used to determine local tax rates in subsequent ye (3) each ear the County A? ito Y Y capacity of the TIF District The ai occur as a res It of the folio tag: certify the mount of the original net tax certifies hall reflect any changes that anges from tax - exempt to taxable shall be x capacity of the TIF District. The reverse capacity may be modified by any approved lit or rediabtalgf the TIF District; ing the classification of real property cause changes to the tag estimated market value to be applied for property tax s, the - resulting increase or decrease in net tax capacity shall d proprtionately to the original net tax capacity and the retained net tax capacity of the TIF District. The County Audt of the TIF District. the Authority of all changes made to the original net tax capacity Section AB Financial Reporting and Disclosure Requirements The State Auditor shall enforce the provisions of the TIF Act and shall have full responsibility for financial and compliance auditing of the Authority's use of tax increment financing. On or before August 1 of each year, the Authority must annually submit to the State Auditor, County Auditor and to the governing body of the municipality a report which shall: (1) provide full disclosure of the sources and uses of public funds in the TIF District; (2) permit comparison and reconciliation of the accounts and financial reports; SPRINGSTED Page 12