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City of Elk River, Minnesota <br />Baker Tilly Municipal Advisors, LLC Page 13 <br /> <br /> (a) the value of property that changes from tax-exempt to taxable shall be added to <br />the original net tax capacity of the TIF District. The reverse shall also apply; <br /> <br /> (b) the original net tax capacity may be modified by any approved enlargement or <br />reduction of the TIF District; <br /> <br /> (c) if laws governing the classification of real property cause changes to the <br />percentage of estimated market value to be applied for property tax purposes, <br />then the resulting increase or decrease in net tax capacity shall be applied <br />proportionately to the original net tax capacity and the retained captured net tax <br />capacity of the TIF District. <br /> <br />The County Auditor shall notify the City of all changes made to the original net tax capacity of the TIF <br />District. <br /> <br /> <br />Section AB Filing TIF Plan, Financial Reporting and Disclosure Requirements <br /> <br />The City will file the TIF Plan, and any subsequent amendments thereto, with the Commissioner of <br />Revenue and the Office of the State Auditor pursuant to Minnesota Statutes, Section 469.175, subdivision <br />4A. The City will comply with all reporting requirements for the TIF District under Minnesota Statutes, <br />Section 469.175, subdivisions 5 and 6. <br />Page 29 of 64