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HomeMy WebLinkAbout1990-03-07 OPH Fax to NAC Re Dept of Revenue TIF Form clr OF OAX PARK HEIGHTS 1 4168 - s 7th Street North - Box 2007 �'� s ()ikK P. RK HETIGHTS, MWNESOTA 55082 439-4439 FAX '],T-ANSI-ITTTAI. 'PCIRM DATE TOTAL NUMBER OF PACES iiocludoig Cr;v -tr til at fy S OP MINNESOTA DEPARTMENT OF REVENUE Mail Station 3340 St. Maul, Minnesota 55146 -3340 (612) 295 -0093 February 1, 1990 TO: ADMINISTRATORS OF 'TAX INCREMENT FINANCING DISTRICTS RE: TAX INCREMEN FINANCING DISTRICT REPORTING REOUIREMENTS A number of tax increment financing (`l"IF) reporting requirements are contained in Minnesota Statutes. she purpose of this letter is to clarify these reporting requirements and to provide you wit r e p ortin g towns and instructions for the new requirements passed by the 1939 Legislature in special session. Minnesota Statutes 469.175, Subdivision 2 now provides that the tax increment plans of new tax increment districts and amended plans of existir§�,, districts as well as development plans for project areas are to be filed with the Minnesota Department of Revenue. Prior to the 1989 legislative session, such plans were submitted to the Department of Trade and Economic Development and not the Department of Revenue. Now, they are to be submitted to the (Department of Revenue. Minnesota Statutes 469.175, Subdivision 5 provides for the annual disclosure of financial information by tax increment districts. Prior to August 1, 1985, this statute required the reporting of information to the Department of Trade and Economic Development. A new subdivision 6 was added to Minnesota Statutes 469.175 which expanded TIF financial disclosure reporting requirements and provided that this information be submitted to the State Auditor annually by June 30. The reporting requirements of subdivision 6 are in lieu of those contained in subdivision 5. This means that financial disclosure information is to be reported to the State Auditor and not to the Department of Trade and Economic Development. The 1989 legislature in special session added subdivision 6a to Minnesota Statutes 469.175. This subdivision provides for the annual reporting of tax increment financing district bonded indebtedness and other information to the Minnesota Department of Revenue. Enclosed for your information is a copy of subdivision 6a. Also, enclosed is the reporting form and instructions specifying the TIF district information to be reported to the Department of Revenue in accordance with subdivision 6a. This enclosed form is to be completed and returned to the Department of Revenue by March 1, 1990. A") � =-QUAL OPPOPTUNIT'i FMPE,0YER To: Administrators of TIF Districts February 1, 1990 Page 2 You will note that the reporting of captured tax capacity and tax increment revenues required by subdivision 6a is not part of the enclosed report. The Department will obtain this information directly from the counties. It will not be necessary for TIF districts to obtain this information from the counties and report it to the Department. The following summarizes the current TIF district reporting responsibilities with respect to the reports to be submitted to the State of Minnesota, 1. TIF and project area development plans for a newly established TIF district are to be submitted to the Department of Revenue at the time the district is established. 2. Amended TIF and project area development plans for an established district are to be submitted to the Department of Revenue when the amendments are adopted. 3. Annual bonded indebtedness reports are to be submitted to the Department of Revenue annually by March 1. 4. Financial disclosure information is to be submitted to the State Auditor's office annually by June 30. 5. No TIF plans or reports are required to be filed with the Department of Trade and Economic Development. If you have any questions regarding this letter or any of its enclosures, please contact Matt Smith, Local Government Services Division, Minnesota Department of Revenue, St. Paul, Minnesota 55146 -3340. Telephone (612) 296 -0395. Very truly yours, F. JEROME F. SILKEY, Assistant Dire r Local Government Services Division JFS:glh Enclosures cc: County Auditors State Auditor's Vice Department of Trade and Economic Development b M innesota De partment o R evenue 1990 TIF District Banded Indebtedness Report Complete and return to: Local Government Services Division . Department of Revenue Mail Station 3340 St. Paul, Minnesota 55146-3340 . Phone: (612) 298-0393 Name of TJA District Name and Address of Person filling out this form - Namo of tatty �— - — Name of County or - Crountles Telephone .. •,'� 1. Type of district (chock one) 0 a. Economic bevoioj)ment c. Mined Underground apace © e. Soils Condition b. Redeveloprnetit d. Housing d. Hazardous Substance Sits= 2. Date district cenitication regues, wa ds filed - `�y 3, Year First Tax Increment wmq q,- relved I 4. Year district Is requiroo r: . , ° tis4c�4rf t1w, = The T.I.F. plan or other document permits this district to use revenue for the following purposes (check all that apply) C a. Paying bonds whose proceeds are or may be spent on development activities located outside the district b. Deposit Into a common fund which may finance development activities located outside the district C. Other development activities located outside the district 6 Total bonds outstanding on 12/31/89 a. General obligation bonds $ J, I I i, LLL.' b. All other bonds s c. Total all bands (a + b) 7. Total principal and interest payments due In 1990 i a. General obligation bonds b. All other bonds $ - c. Total pa y ments due (a + b) $ I I I, the authorized representative of the above mentioned T.I.F. district, certify that the foregoing information is accurate to the best of my knowledge. ,.. 1989 Special Session Laws Chapter 1, Article 14, Section 7 -M1NNE$QjAjTAU_Tj3 BEgRQN 4 0,175.L.-SiV13DIVIS-10N 6A: [REPORTING REQUlRF:-t'v (a) The municipality must annually report to the Commissioner of revenue the following amounts for the entire municipality: (1) the total princApal amount of nondefeased tax increment financing bonds that are outstri icjif q at the end of the previous calender year; and (2) ti'l Lota (JI-11 of principal and interest payments that are due for the current calender Y t :ar on (i) general obligation tax increment financing bonds, and (i1) other tax increment financing bonds. (b) The munjuipality must annually report to the commissioner of revenue the tollowing amuurl,', tot each tax increment financing district located in the municipality, (1) the type of oistoot, whether economic development, redevelopment, hOLIS- ing, soils condition, mined underground space, or hazardous substance site, (2) the date on which the district is required to be decertified; (3) the captured net tax capacity of the district, by property class as specified by the commissioner of revenue, for taxes payable in the current calender year; (4) the tax increment revenues for taxes payable in the current calender year; (6) whether the tax increment financing plan or other governing document permits increment revenues to be expended (1) to pay bonds, the proceeds of which were or may be expended on activities located outside of the district, (ii) for deposit into a common fund from which money may be expended on activities located outside of the district, or (iii) to otherwise finance activities located outside of the tax increment financing district; and (6) any additional information that the commissioner of revenue may require; (c) The report required by this subdivision must be filed with the commissioner of revenue on or before March I of each year, (d) This section applies to districts certified before, on, and after August I 499-IQ Instructions for Minnesota Department of Revenue 1990 TIP DISTRICT BONDED INDEBTEDNESS REPORT ,�" �; '.; < f;:20:8 '' >:r :#:`;r. • m•�^r ': "�:' 'sw ' Wx a ;�a ..��, .�, >: sx' ' ^:Y:s L b � r�arir kH' ." • V n , h y(,y[ il: +{ " ?`'tir56i.. v`i i' " ' ss. N:" ?�:: Y. Gss .r'n >y i ' :a: ' . k > • �: a '..., !675: � ��1K#!: . ..¢ u�$9 . •r +�:. rs x. x•r�r•'• Win:. , s. x . �' ^c . P :::'y ^. .�. ' KtsL. >�, K•, sx x�K �'n%x'r, �•ru rex a r ^k ^:,. �". ,�11 �y`q :n, }:.x � x . saxx��� •ns �+''' w �,t':a ���r. k ��:� > 's;`}?`.rJ>r'. r yw,wx,�'�`'''y y Fn, • :k, ��}y.F ` ,l Cn : . `:�'MF : x, ` rip y n?£ xk�, ..w�r6Hrkr t`:'`t�'',>r,' r�xS •u. ��Frt"�k ,'�� • a.� : ' '�'ea;iw,,s <:x ,.,F:r'�:., r£'"„ RA r,. ..s,�,,',.. ..:��. •JF'; � r..�sk � u.ue '} r�r<, `�;n�h „�,� r.;'��•:., •xis,{• ..�., •r ................. , . r.:. �.: � .�,.,',L�;.,t', v: ,e•• ..� .. y��r��// �- t,, ,.u�'` ��' r; .�yy :u.. :G•swx <... sr.. .r::s::.rr y■ ria:4 „ ...... ........:.4r;:•,arf•e.r,n:?kii n...i,+..,ai;.•nS,t%tr : t n:`'.: �$ t•:.. t• ?m r >r:xr; ,i,S,;T%R:;�, ` :., i: s�' ::` a w'.' �4�ct i�sv6rs °t5 ^ �'r�r'; r ?; >�!; Name of T.I.F. District Enter the name of the 'TIF district as it appears in the financing plan. 1 Check 2g of the district types. Each TIF district must fait into one of these categories. 2 Enter the date (month /day /year) on which the request for certification of the TIF district was filed with the County Auditor, Example- erg *er August 15, 1979 as (t ? ;L 1!_ Enter the year in which the district received its first tax increment l lsv the last two digits of the yeat 1Aarnple. ente - 1933 a s1 5 ; 3 t f th �' s trict has no et receives a increment but will be r &eivinp one en1990, enter, If the distrirl has not yet received an incremeni a will not rap. recelving nr,e in 1990, errter 4, Eater the ,Dear in which the district is required to be decertified, as specified ir� IVIS 469.176, subd 1. Use the last two digits of the decertification year. Examples enter 1995 as ' 5 ], 2009 as [ 9 5 Check -Jl Items that apply. "TIF plan" refers to the Tax Increment Financing Flan filed when the district was established, subject to A. ny subsequent modifications under MS 469.175, subd. 4 "Development activities" means any activities ether than administration. 6 Enter, in whole dollars only, the total banded debt of the district outstanding on 12/31/89. Report on line 6a the balance outstanding on general obligation bonds and on fine 6b the balance outstanding) on any other bonds (other than general obligation bonds), Report the total amount of all bonds outstanding on line 6c. 7 Enter, in whole dollars only, the total principal and interest payments due in 1990 on the total bonded debt of the district. Report on line 7a all payments due on general obligation bonds and on line 7b all payments due on any other bonds (other than general obligation bonds). Report the total bond payments due on fine 7c. CUB ,MATE ►: 'Nl1RCI"i y y 13 Complete and return to: Local Government Services Division Department of Revenue Mail Station 3340