Agenda Packets - 1986/10/06 - Laserfiche WebLink

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W. X. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax Increment Account Administration of the tax increment financing redevelopment dist-iet will be handled by the Office of the City Clerk -Administrator. The tax Increment received as a result of increases In the assessed value of the tax Increment financing redevelopment district will be maintained in a special account sepa:-ile from all other municipal accounts and expended only upon sanctioned municipal activities identified in the finance plan. Annual Disclosure Requirements Pursuant to Minnesota Statutes, Section 273.74, Subdivision 6, an authority must file an annual dlsplosure report for nil tax increment financing districts. The report shall be flied with the school board, county board, and governing body of the municipality, If the authority Is not the municipality, and the State Auditor. The report shall include the following information: 1. The original assessed value of the district; 2. The captured assessed value of the district,' including the amount of any captured assessed value shared with other taxing districts; 3. The outstanding principal amount of bonds Issued or other loans Incurred to finance project costs in the district; 4. Far the reporting period and for the '-,ration of the district, the amount budgeted under the tax increment financing plan, and the actual amount expended for, at least, the following categories: (A) Acquisition of land and buildings through condemnation or purchase; (it) Site Improvements or preparation costs; (C) Installation of public utilities or other public improvements; (D) Administrative costs, including the allocated cost of the authority; 5. For properties sold to developers, the total cost of the property to the authority and the price paid by the developer; 6. The amount of tax exempt obligations, other than those reported under clause (3), that were issued on behalf or private entities for facilities located in the district. The annual disclosure report is designed to be a two-way medium of information dissemination for both the Office of the County Auditor and the City. Should the auditor want add;:lonal information from the City regnrding its tax increment financing activities, such Information should be requested prior to submission of the annual disclosure report by the City. 13