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Autho <br />ity must provide <br />Y Of district's <br />scal impact to the school board end county board, 30 days <br />or to <br />Other units need to be I rhearingg• County Isresponsiblefor enforcement rlenforcement of the four year knock -down provision. County public may charge <br />Involved. <br />reasonable administrative fees. <br />There needs to be a lull Two annual reports are required. One Is sent to the stale auditor. The report to the auditor Is usually part to <br />disclosure of the district. the clty's annual financial report. The annual TIF report must be sent to the county, city and school district. <br />The 1989 Session adopted an amendment [he[ requires the filing of an annual report to the Commissioner of <br />Revenue. Although the requested data Is similar In both reports, the Revenue report requests data on the typo <br />of property by class that Is captured, and pooling of Increments. The report Is duo March 1 of each year. The <br />auditor's report Is due July 1 of each year. <br />TIF districts capture the tax I A 1989 amendment permits a municipality, at the time of Initial approval, to provide for a shorter maximum <br />bass for a long period of Ilme. duration limit. A 1988 amendment limits soil districts to 12 year duration. The 1980legislature also limited <br />the duration of pre-1979 districts as follows: <br />- No Increment will be paid after 411/2001 or the term of a nondefeased bond or obligation outstanding <br />alter 411190, whichever is greater. The latest date Is for payment Is 41112009; <br />- Increments paid after 41112001 will be used to pay or defease bonds issued before 411190. or bonds <br />Issued to refund the principal of outstanding bonds and pay associated Issuance costs. <br />Increment derived from a A 1989 amendment requires that 90% of the Increment collected In a redevelopment district must be used <br />redevelopment district should to finance the cost of correcting the blight. <br />be used to correct thn blight. <br />Parcels within a district must The lour year "knock -down' provision was amended In 1989 to define qualified improvements of a street to be <br />have Improvements within (1) the construction or opening of a now street, (2) relocation of a street, and (3) substantial or rebuilding of an <br />lour years. I existing street. <br />13-Dec-09 <br />Publicorp, Inc. Page 2 <br />