7.0. SR 01-27-1997 - Laserfiche WebLink

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shall: provide for full disclosure of the sources and uses of the public funds in the district; permit comparison and reconciliation with the City's accounts and financial reports; permit auditing of the funds expended on behalf of the tax increment district, including a single district that is part of a multi district project or that is fundcd in part or whole through the use of a development account funded with tax increments from other districts or with other public money; and be consistent with generally accepted accounting principles. The financial report must also include the following: the original net tax capacity of the district; the captured net tax capacity of the district, including the amount of any captured net tax capacity shared with other taxing districts; for the reporting period and for the duration of the district, the amount budgeted under the tax increment financing plan, and the actual amount expended for, at least, the following categories: a. acquisition of land and buildings through condemnation or purchase; b. site improvements or preparation costs; c. installation of public utilities, parking facilities, streets, roads, sidewalks, or other similar public improvements; d. administrative costs, including the allocated cost of the authority; e. public park facilities, facilities for social, recreational, or conference purposes, or other similar public improvements; for properties sold to developers, the total cost of the property to the authority and the price paid by developers; the amount of increments rebated or paid to developers or property owners for privately financed improvements or other qualifying costs. Pursuant to Minnesota Statutes, Section 469.175, subdivision 6a, the City or Authority must also annually report to the State Auditor before or on July 1 of each year the following amounts for the entire City: the total principal amount of nondefeased tax increment financing bonds that are outstanding at the end of the previous calendar year; and the total annual amount of principal and interest payments that are due for the current calendar year on (i) general obligation tax increment financing bonds and (ii) other tax increment financing bonds. and for each tax increment financing district within the City: the type of tax increment financing district; the date on which the district is required to be decertified; the amount of any payments and the value of in-kind benefits, such as physical improvements and the use of building space, that are financed with revenues derived from increments and are provided to another governmental unit (other than the municipality) during the preceding calendar year; Tax Increment Financing District No. 16 Page ll-I 1