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$5 E. SEVENTH PLACE SI,lITE 100 <br />SAINT PAUL, MN 5S101-2143 <br />~12-2Z~-~000 FAX: <br /> <br />October 7, 1997 <br /> <br />Ms. Jessie Hart, Finance Director <br />City of Ramsey <br />City Hall <br />15153 Nowthen Boulevard <br />Ramsey, MN 55303-6197 <br /> <br />Re: TIF District Compliance Review <br /> <br />SPRINGSTED <br />Public Finance Advbors I <br /> <br />Dear Ms. Hart: <br /> <br />Included in the City's recent audit report is a recommendation that the City conduct a thorough <br />review of its Tax Increment Financing Districts to assure compliance with applicable statutory <br />provisions and also to assure proper designation and accounting of revenues and expenditures. <br />The report suggested the City retain an outside consultant to assist you in this endeavor. <br /> <br />Springsted has assisted numerous communities in the review of their TIF plans, recording <br />procedures, accountability of assets and liabilities, and general compliance with statutory <br />provisions, especiaIfy in light of inquiries from the State Auditor's office. The forms required to <br />be filed by the City are complex and will serve as the basis for continued monitoring of future <br />activity in each TIF district. It is important, therefore, that the reports accurately reflect past and <br />future actMties and the intent and purpose of each financing district. <br /> <br />Spdngsted proposes to assist you in the analysis of each Tax Increment Financing District. In <br />order to accomplish this l~sk we propose to do the following: <br /> <br />1. Review each Tax Increment Plan and Tax Increment Financing Plan; <br /> <br />2. Review the proposed budget for each plan; <br /> <br />3. Review actual expenditures for compliance with the plan budget; <br /> <br />I <br />I' <br /> <br /> I <br /> I <br /> I <br /> <br />4. Analyze each bond issue as to the use of proceeds in accordance with TIF plans and <br /> budgets; <br /> <br />5. Review the receipt of increment income for each financing district; <br /> <br />6. Analy~e other revenue generated by each district, such as proceeds from land sale, <br /> investment earnings, etc..; and <br /> <br />7. Analyze current and projected leve~s of increment and other revenue to determine <br /> adequacy of funds to meet current and future obligations. <br /> <br />SAINT PAUL, MN - M2~NI;MagLI~ MN BROO~,WI · OV'ER.I~ND PARK, [CS WASFI~GTON, DC · IOWA c.n'Y, IA <br /> <br /> <br />