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CHAPTER 15 y <br /> 2010 Minn.Law3 ch.216,;.12 Cities have temporary authority to spend TIF funds to stimulate construction <br /> amending M inn..Stat.§469.176; <br /> adding suba.Yn,. using economic development districts for any type of project,if three <br /> conditions are met: <br /> • The municipality funds projects that will create new jobs in the state, <br /> including construction jobs,and the project otherwise would not have <br /> begun before July 1, 2011,without assistance. <br /> • Construction of the project begins no later than July 1,2011. <br /> • The request for certification is made by June 30,2011. <br /> This temporary authority to spend the tax increment expires Dec. 31, 2011. <br /> Minn.star.§469.17�,subd.5. The city using TIF must report annually to the county board,the county <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 a <br /> uniform system of accounting and financial reporting for TIF districts. The <br /> city must annually submit to the state auditor a financial report in <br /> compliance with these standards. <br /> Minn.Stat.§469.1771,subds.1, The state auditor may audit TIF districts. If the state auditor notifies a TIF <br /> `b 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 attorney <br /> general. If the attorney general finds a substantial violation,the attorney <br /> general will petition the state tax court to suspend the authority's power to <br /> use TIF for a period of up to five years. <br /> Minn.scat.§469.177,`ubd.S. The TIF agreement with the developer is a complex document. Assistance <br /> Lane SuperiorPaper btdur.v. <br /> Stare,624 N.W.2d 254(Minn. from a financial advisor and the city attorney is necessary in order to <br /> 2001). Brooljield Trade Center, anticipate the many potential problems. An agreement can establish a <br /> Jnc.v.Councv of/�amset,600 minimum market value for tax increment assessment purposes, as well as <br /> N.W.2d 868 i <br />