06-26-1995 Council Packet - Laserfiche WebLink

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The definition of capttued value in a hazardous substance subdistrict and not an extended subdistrict is the amount by which the original net tax capacity of the portion of TIF district overlying the subdistrict exceeds the original net tax capacity of the subdistrict. In other words, during the dual district period, the captured value is the difference between the base values. Pooling The amount of an increment that can be expended outside a non-redevelopment district is reduced to 20%. The new percentage will apply to districts for which the request for certification was made after June 30.1995. But For Test The “but for test” has been expanded to include a market value analysis. The analysis must show that the market value of the site attribution to development not receiving TIF assistance would be less than the increase on market value estimated to result from the proposed TTF development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. The market value test does not apply to qualified housing districts. Annual Disclosure • Reporting & Enforcement The amendments regarding annual disclosure reporting, as well as enforcement of the act, transfer duties and responsibilities firom the Department of Revenue to the state auditor. The major components of the amendments are: • The annual disclosure statement must report the mount of the increment paid to other government bodies, the amount paid for administrative costs, and the amount of the increment spent outside the district If option (a) is selected for fiscal disparities, the report must indicate the amount of the property tax increase. • The annual financial report must include the amount budgeted and expended for the following additional categories: (1) Parking facilities, streets, roads, sidewalks; (2) Public park facilities, facilities for social, recreational or conference facilities. • The reporting requirements arc extended to pre-1979 districts. In addition to the individual district reports, the city must report to the state auditor for the entire municipality the following: (1) 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 TIF and are provided to another governmental unit during the preceding calendar year. 8 1995 Policy Narrative