Agenda - Council - 11/13/2012 - Laserfiche WebLink

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(3) a determination to capitalize Interest on the debt if that detennmation was not a part of the original plan, (4) mcrease in the portion of the captured net tax capacity to be retained by the authority, (5) mcrease in the estimate of the cost of the project, mcludmg administrative expenses, that will be paid or fmanced with tax Increment from the district; or (6) designation of additional property to be acquired by the authority (c) If an authority changes the type of district to another type of district, this change is not a modification but requires the authority to follow the procedure set forth m sections 469 174 to 469 179 for adoption of a new plan, including certification of the net tax capacity of the district by the county auditor (d) If a redevelopment district or a renewal and renovation district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of section 469 174. subdivision 10 paragraph (a), clauses (1) and (2), or subdivision 10a, must be documented (e) The requirements of paragraph (b) do not apply if (1) the only modification is elimination of parcels from the project or district and (2)(A) the current net tax capacity of the parcels elnnmated from the district equals or exceeds the net tax capacity of those parcels m the district's original net tax capacity or (B) the authority agrees that, notwithstanding section 469 177. subdivision 1. the original net tax capacity will be reduced by no more than the current net tax capacity of the parcels elnnmated from the district The authority must notify the county auditor of any modification that reduces or enlarges the geographic area of a district or a project area (f) The geographic area of a tax mcrement financing district may be reduced, but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor or after August 1, 1984, for tax increment financing districts authorized prior to August 1, 1979 Subd 4a Filing plan with state. (a) The authority must file a copy of the tax Increment financing plan and amendments to the plan with the commissioner of revenue and the state auditor The authority must also file a copy of the development plan or the project plan for the project area with the commissioner of revenue and the state auditor (b) Filmg under this subdivision must be made within 60 days after the latest of. (1) the filing of the request for certification of the district, (2) approval of the plan by the municipality, or (3) adoption of the plan by the authority Subd 5 Annual disclosure. An annual statement showing for each district the information required to be reported under subdivision 6, paragraph (c), clauses (1), (2), (3), (11), (12), (18), and (19); the amounts of tax Increment received and expended in the reporting period, and any additional mfonnation the authority deems necessary must be published m a newspaper of general circulation in the municipality that approved the tax mcrement financing plan The annual statement must inform readers that additional mfonnation regarding each district may be obtained from the authority, and must explain how the additional information may be requested The authority must publish the annual statement for a year no later than August 15 of the next year The authority must identify the newspaper of general circulation m the municipality to which the annual statement has been or will be submitted for publication and provide a copy of the annual statement to the county board, the county auditor, the state auditor, and, if the authority is other than the municipality, the governing body of the municipality on or before August 1 of the year in which the statement must be published The disclosure requirements unposed by this subdivision apply to districts certified before, on, or after August 1, 1979 Subd 6 Annual financial reporting. (a) The state auditor shall develop a uniform system of accountmg and financial reporting for tax Increment financing districts The system of accountmg and financial reporting shall, as nearly as possible (1) provide for full disclosure of the sources and uses of tax increments of the district, (2) permit companson and reconciliation with the affected local government's accounts and financial reports;