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W. Annual Financial Report. <br /> <br /> Pursuant to Section 469.175, Subd. 6 of the TIF Act, the City must file an <br />annual financial report regarding TIF Distr~et No. 2. The report shall be filed by <br />July 1 of each year with the school board, the county board and the state auditor. <br />The report shall include the following informat|on: <br /> <br /> 1. the original tax capacity of TIF District No. 2; <br /> <br /> 2. the captured tax capacity of TIF District No. 2, including the amount <br /> of any captured tax capacity shared with other taxing districts; <br /> <br /> 3. the outstanding principal amount of bonds issued or other loans <br /> incurred to finance project costs in TIF District No. 2; <br /> <br /> 4. for the reporting period and for the duration of TIF District No. 2, <br /> the amount budgeted under the TIF Plan and the actual amount <br /> expended for the following categories: <br /> <br /> (a) acquisition of land and buildings through condemnation or <br /> purchase; <br /> <br /> (b) site improvement or preparation costs; <br /> <br /> (c) installation of public utilities or other public improvements; <br /> (d) administrative costs, including the allocated cost of the City; <br /> <br /> 5. for properties sold to developers, the total cost of the property to the <br /> C~ty and the price paid by the developer; and <br /> <br /> 6. the amount of tax exempt obligations, other than those reported <br /> under clause (3), which were issued on behalf of private entities for <br /> facilities located in TIF District No. 2. <br /> <br /> In addition, the City w~ll f~le the annual report with the Minnesota <br />Commissioner of Revenue regarding all TIF Districts in the City, as required in <br />Section 469.175, subd. 6a of the TIF Act. <br /> <br /> X. Notification of Prior Planned Improvements. <br /> <br /> Pursuant to Section 469.177, Subdivision 4 of the TIF Act, the City reviewed <br />its records with regard to the property within TIF District No. 2 and found that no <br />building permits were issued during the 18 months immediately preceding approval <br />of the TIF Plan (or modification thereof) by the City. <br /> <br /> Y. Assessment Agreements. <br /> <br /> Pursuant to Section 469.177, Subdivision 8 ot~ the TIF Act, the City may <br />execute an assessment agreement in recordable form with the developer which <br />establishes a minimum market value of the land and completed improvements for <br />the duration of TIF Distr~ct No. 2. The assessment agreement shall be presented to <br /> <br />13 <br /> <br /> <br />