Agenda - Council - 07/14/2026 - Laserfiche WebLink

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(5) amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued pursuant to M.S. Section 469.778 or other financial obligations to the extent those obligations were used to finance costs described in clauses (1) to (4). This definition does not apply to administrative expenses or administrative costs referenced under M.S. Section 469.776, Subd. 4h. Tax increments may be used to pay for the County's actual administrative expenses. The County may require payment of those expenses by February 15 of the year after the year in which the expenses are incurred. The amount of these payments is not required to be set forth in the tax increment financing plan for the project. To obtain payment for actual administrative costs, the County Auditor must submit to the authority a record of costs incurred by the county auditor related to administration of the authority's tax increment financing districts. The County Treasurer shall deduct an amount (currently 0.36 percent) of any increment distributed to the City, and the County Treasurer shall pay the amount deducted to the State Treasurer for deposit in the State General Fund to be appropriated to the State Auditor for the cost of financial reporting of tax increment financing information and the cost of examining and auditing authorities' use of tax increment financing. This amount may be adjusted annually by the Commissioner of Revenue. ANNUAL DISCLOSURE REQUIREMENTS The City must undertake financial reporting for all tax increment financing districts to the Office of the State Auditor, County Board and County Auditor on or before August 1 of each year. An annual statement shall be published in a newspaper of general circulation in the City on or before August 15. If the City fails to make a disclosure or submit a report, the Office of the State Auditor (OSA) will direct the County Auditor to withhold the distribution of tax increment from the TIF District. SUPPORTING DOCUMENTATION Pursuant to M.S., Section 469.775, Subd. 1 (a), clause 7this TIF Plan must contain identification and description of studies and analyses used to make the determination set forth in M.S., Section 469.775, Subd. 3, clause (b)(2) and the findings are required in the resolution approving the District. City of Ramsey Tax Increment Financing District No. 20 (Trident) 12