Agenda - Council - 01/23/2007 - Laserfiche WebLink

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evidence for a parcel must be submitted by February 1 of the fifth year following the year in which the parcel was certified as included in the district. Section 3.21 Excess Tax Increments. Pursuant to Minnesota Statutes, Section 469.176, Subdivision 2, in any year in which the Tax Increments exceed the amount necessary to pay the Public Costs authorized by the Development Program and Tax Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the City shall use the excess amount to: (1) (2) (3) Bonds; or prepay the outstanding Tax Increment Bonds; discharge the pledge of Tax Increments thereto; pay into an escrow account dedicated to the payment of the Tax Increment (4) return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their respective tax capacity rates. In addition, the City may, subject to the limitations set forth herein (in particular in Section 3.25), choose to modify the Tax Increment Financing Plan as described in Article IV, in order to fmance additional Public Costs of the Development District. Section 3.22 Administration of Tax Increment Financing District No. 11. Administration of Tax Increment Financing District will be handled by the City's Economic Development Coordinator. The Tax Increments received as a result of increases in the net tax capacity of Tax Increment Financing District No. 11 will be maintained in a special account separate from all other municipal accounts and expended only upon municipal activities identified in the Development Program and Tax Increment Financing Plan. Section 3.23 Annual Disclosure and Financial Revorting Requirements. The City (by August 15) shall publish an annual statement as required under Minnesota Statutes, Section 469.175, Subdivision 5 showing for Tax Increment Financing District No. 11 the information required to be reported under Subdivision 6, paragraph (c), clauses (1), (2), (3), (11), (12), (20), and (21); the amounts of Tax Increment received and expended in the reporting period; and any additional information the City deems necessary. In addition, pursuant to Minnesota Statutes, Section 469.175, Subdivision 5, the City must provide the County Board, the County Auditor, the School Board, and the State Auditor on or before August 1 of the year in which the statement must be published a copy of the annual statement. Pursuant to Minnesota Statutes, Section 469.175, Subdivision 6, the City must file with the State Auditor on or before August 1, an annual fmancial report for Tax Increment Financing District No. 11. The report shall also be filed by the City with the County Auditor. The report shall: 1954494v3 10 -171-