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I I I HOUSING and CaMM DEVELOPM] Volume II, Number 9 August, 198.5 Legislature Amends Reporting Requirements for Communities Using Tax Increment Financing The 1985 Legislature made several changes relating to the reporting requirements for communities using tax increment financing. The first change requires that an authority using tax increment financing submit a copy of the development plan for the project area to the Commissioner of the Department of Energy and Economic Development in addition to the tax increment financing plan that authorities are already required to submit to DEED. The Development Plan (or Redevelopment plan) is the legal guide for the planning and implementation of the tax increment financing project. The plan outlines the powers or the legal authority for the involvement of the city in the development process. The plan is also a way to relate the development or redevelopment project to existing comprehensive plans or design frameworks of municipal or regional planning authori- ties. Communities using tax increment financing may submit the tax increment financing plan and the development plan to the Department of Energy and Economic Development, Room 900, American Center Building, 150 East Kellogg Blvd., St. Paul, MN 55101, Attention: Michael Auger. The other change in the tax increment financing statute relates to financial reporting requirements for authorities using tax increment financing. The new statute provides that the State Auditor shall develop a uniform system of accounting and financial reporting for tax increment financ- ing districts. This reporting system is intended to be consistent with general accepting accounting principles, auditing of funds expended in a tax increment permit district, permit comparison and reconciliation with other local governments' accounts, and provide a full disclosure of the sources and uses of public funds in the district. The statute also requires that the annual financial dis- closure report be submitted to the State Auditor on or before July ! and must include, in addition to that noted above, the following items: 1. Original assessed value of the district. 2. A captured assessed valu6 of the district including captured value shared with other taxing districts. 3. The outstanding principal amount of bonds or loans ' incurred to finance the district. · ?.I.F.,. continued on page 4 MHFA Announces Local Participation Program The Minnesota Housing Finance Agency (MHFA) an- nounces the availability of Local Participation funds in the Single Family Mortgage Loan Program. Under Local Participation, cities with populations over 5,000 may request a commitment of funds to address housing issues of particular concern to the community. Since July of 1983, a total of $41,888,000 has been committed to 32 cities in the Single Family Mortgage Loan Program. Under the 1985 Municipal Home Mortgage Participation Program (MHMPP), the MHFA has awarded $20.027 million to 15 municipalities. Municipality Award For Info, call: Albert Lea $0.5 million (507) 373-2393 Anoka 2.0 (612) 421-6630 Blaine 2.0 (612) 784-6700 Chaska 1.0 (612) 448-2851 Crystal 0.5 (612) 537-8421 Fairbault ' 2.0 (507) 334-2222 Hastings 2.0 (612) 437-4127 Litchfield 0.250 (6 ! 2) 693-8184 Maplew0od 2.0 (612) 770-4560 New Hope 1.5 (612) 533-1521 Red Wing 1.0 (612) 388-2372 Richfield 0.992 (612) 869-7521 St. Anthony 0.285 (612) 789-~881 Savage 2.0 (612) 890-1045 Shakopee 2.0 (612) 445-3650 For further information regarding the MHMPP and future Local Participation offerings, contact May Hutch- inson, Program Development Coordinator, at 612/296- 8840 or (toll free) at 1-800-652-9747; ask for "Home". MHFA Announces Notice of Continuing' Funding Availability During August 1984, the Minnesota Housing Finance Agency issued a request for proposals for the new con- struction or substantial rehabilitation of multi-family rental housing under three funding proposals. That request had an initial submission deadline of September 28, 1984, with the r i:MHFA, continued on page 3 I HOUSING AND COMMUNITY DEVELOPMENT BRIEFS is · joint publication of the League of Minnesota Cities, the Department of Enerly and Economic Development, the Minnesota HousinI Finance Alency, and the Minnesota Chapter of the National Association of Houdnl and Redevelopment Officials. Prepared by the Department of Energy and Economic Development, 8th Floor, American Center Bldg., IS0 E. Kellogg, St. Paul, MN SSI 01. Michael Auger, Editor (612) 296-2394. Letters, articles and suggestions from readers are welcome. 1