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RELEVANT LINKS: <br /> Minn.Stat.§469.175,subd. The city using TIF must report annually to the county board, the county <br /> 5. <br /> auditor, the school board, and the state auditor as to the status of the TIF <br /> district or districts and publish the report. The state auditor has established <br /> a uniform system of accounting and financial reporting for TIF districts. <br /> The city must annually submit to the state auditor a financial report in <br /> compliance with these standards. <br /> Minn.Stat.§469.1771, The state auditor may audit TIF districts. If the state auditor notifies a TIF <br /> subds.1,2b. <br /> authority of an alleged violation, a copy of the notice is also forwarded to <br /> the county attorney. If no corrective action is brought within one year, the <br /> county attorney must notify the state auditor, who then notifies the <br /> attorney general. If the attorney general finds a substantial violation, the <br /> attorney general will petition the state tax court to suspend the authority's <br /> power to use TIF for a period of up to five years. <br /> Minn.stat.§469.177,subs. The TIF agreement with the developer is a complex document. Assistance <br /> 8.Lake Superior Paper <br /> Indus.v.State,624 N.W.2d from a financial advisor and the city attorney is necessary in order to <br /> 254(Minn.2001).Brookfield anticipate the many potential problems. An agreement can establish a <br /> Trade Center,Inc.v.County <br /> of Ramsey,609 N.W.2d 868 minimum market value for tax increment assessment purposes, as well as <br /> (Minn.1998 . provide that the developer pay a certain level of taxes regardless of any <br /> classification rate changes or levy decreases. The agreement should be <br /> entered into before the assembly and acquisition of the land on which the <br /> completed improvements are to be located. <br /> See Minn.stat.§§469.177, The 2001 tax reform legislation, which reduced class rates and provided <br /> subds.lb,11.Minn.Stat.§ <br /> 469.1771,subd.1.Minn. for the state takeover of the general education levy,resulted in several <br /> Stat.§469.1793.Minn.stat. changes to various statutes to accommodate the changes. These changes <br /> §469.1814. <br /> considerably reduce the continued viability of TIF in the future. <br /> Minn.Stat.§469.174. The law imposes a 180-day statute of limitations on actions to challenge <br /> the creation or modification of a TIF district. The law is complex including <br /> a"but-for" finding before a city approves a TIF plan and the creation of a <br /> TIF district. <br /> Cities must follow statutory requirements including but not limited to <br /> administrative expenses,plan modifications, reporting requirements,use <br /> of increment in pre-1979 districts, excess increments,pooling, <br /> decertification, and use of funds outside the district. <br /> Minn.stat.§469.175. Before a district can be created, the law requires a detailed estimate of the <br /> impact of a proposed district on city-provided services, such as police and <br /> fire protection, public infrastructure, and borrowing costs attributable to <br /> the district, in addition to other complex estimations that must be prepared. <br /> League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br /> Community Development and Redevelopment Chapter 15 1 Page 18 <br />