7.0. SR 01-27-1997 - Laserfiche WebLink

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agreement in recordable form with the owner of property within the tax increment financing district which establishes a minimum market value of the land and improvements for the duration of the tax increment district. The assessment agreelnent shall be presented to the county assessor who shall review tile plans and specifications for the improvements constructed, review the market value assigned to the land upon which the improvements have been or will be constructed and, so long as the minimum market value contained in the assessment agreement appear, in the judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum market value agreement. W. ADMINISTRATION OF DISTRICT AND MAINTENANCE OF THE TAX INCREMENI' ACCOUNT Administration of District No. 16 will be handled by the Executive Director of the Authority. The tax increment received as a result of increases in the tax capacity of District No. 16 will be maintained in a special fund separate from all other municipal funds and expended only upon sanctioned municipal activities identified in the tax increment financing plan. X. FINANCIAL REPORTING REQUIREMENTS Pursuant to Minnesota Statutes, Section 469.175, Subdivisions 5, 6, and 6(a); the City or Authority must file an annual disclosure report for all tax increment financing districts with the State Auditor, the county board, county auditor, and school board. Pursuant to Section 469.175, Subd. 5, of the Tax Increment Financing Act, the City or Authority must file an annual disclosure report for the Tax Increment Financing District. The report shall be filed with the State Auditor, the county board, county auditor, and school board on or before July 1 of each year. The report to be filed by the City or Authority shall include the following information: 5. 6. 7. 8. the amount and source of revenue in the tax increment account; the amount and purpose of expenditures from the account; the amount of any pledge of revenues, including principal and interest, on any outstanding bond indebtedness; the original net tax capacity of the Tax Increment Financing District; the captured net tax capacity retained by the City; the captured net tax capacity shared with other taxing districts; the tax increment received; any additional information necessary to demonstrate compliance with the tax increment financing plan. Section 469.175, Subd. 5, of the Tax Increment Financing Act also provides that an annual statement showing the tax increment received and expended in that year, the original net tax capacity, captured net tax capacity, amount of outstanding bonded indebtedness, the amount of the district's increments paid to other governmental bodies, the amount paid for administrative costs, the sum of increments paid, directly or indirectly, for activities and improvements located outside of the district, and any additional information the City or Authority deems necessary shall be published in a newspaper of general circulation in the City. Pursuant to Minnesota Statutes, Section 469.175, Subd. 6, of the Tax Increment Financing Act, the City or Authority must annually submit to the State Auditor, on or before July 1, a financial report which Tax Increment Financing District No. 16 Page Il-10