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HomeMy WebLinkAbout6.c. Update on Tax Increment Finance Issues re: Dakota County • r y CITY OF RI�SEMOUNT EXECUTIVE St;�RY FOR ACTION PORT AUTHORITY MEETING DATE: FEBRUARY l, 1994 AGENDA ITEM: UPDATE ON TIF ISSUES RE: AGENDA SECTION: DAKOTA COUNTY OLD BUSINESS PREPARED BY: JOHN MILLER, AGENDA NO. ECONOMIC DEVELOPMENT COORDINATOR 6 . C. ATTACHMENTS: CORRESPONDENCE FROM APPR ED B • �/�����, / MARGARET SHANNON �/ Some time ago port authority Executive Director, Ran Wasmund, advised me that the commissioners were interested in more detail regarding the missed tax increment finance revenue from the Fcosemount Plaza condominium project. I was told that the board would appreciate the opportunity to visit with county officials over the methods used to determine the payments . In attempting to arrange this I first contacted County Auditor, Norma Marsh, who quickly informed me that she didn' t work with tax increment and that Margaret Shannon was the person who was responsible.- I asked Ms. Shannon if she would be able to visit with the commissioners about the TIF issue and was told " . . .no, I won' t appear before any board. " After more � discussion, Ms. Shannon did agree to send correspondence explaining in more detail how the back payments were determined. , It was my hope to have something from the county for the January 4 meeting but obviously this did not materialize. RECOIyIlySENDED ACTION: Discussion item. PORT AUTHORITY ACTION: • �1/19�54 04:�7 DHKVTA CO-AUDITOR'S OrFICE ��c . ' t .. D� K�TA �C.��1l�1 T Y �� �Q���B o ARSH �st z� �sa-as�s � DAKOTA COUNTY GOVER�MEN7 CENTER �6BOKwY.�5-HASTtIdGS,MINNESOTA55'J�s � J /:�. /~�~�• � �}��M_� . . . ���•:�. January i8i 5.994 5 To Whom I� May Cancerns . An errar occu�red iri aur o�gice when ths division+. Rc�semount Plaze 2nfl Ac�dition, waB created, This was brought to our attention ln February 1993 . These pa�-cel$ hav� correctly b�en put back inta the tax �ncxement dfstrict. At the sam� time, I had a sta�� person recheck any Qther divisians mad� to tnx increment parceZs �.n this pro�ect. NQ other e�rrars w�xe �ound. We then praceeded to correct this error. A3�hough there is no law requiring errara �o be corrected, the State of 2�Iinne�ccta has astabli�hed an admin3.strative procec�ure. Th� procedure s�ates that we ad7ust the next tax payable yea�'s retain�d cap�ured value. I caloulated the ta�a�. tax incremant not co�2ected betweert �he y+�ars 19�0 a1�d 1993. These are in the px�a�ect fi.le if you wish to view them. Th�.s figur� �maunted to $59,49b. I then divldefl that amount by �the pay 1993 tax rate ot 1. 20259 and arrived at a tax ca�acity af 49�473 . Gloria Pinke, af the Asses�or's a��ice, then ad�usted �he tax increment basa on 34-03700-02D-65 and 34-7090+D-OlO�OZ to zero. In doing this, the amount af your tax incr�ment will be increased for pay 1994. For pay 7.995, Gl.oria wi�l read�just these parcels to their original base. I have en�lased our ��X �.ncrement audit as af �J8/94 , that showe the amoun4�, by year, that are delinquent. I al�o show the four parcel �.c�entifica�ian numb�rs in that project thati are de�.i.nquent. zg you hava any othe� questions �.ha� Mr. Miller cannot explain, please call me at 438�4390. vsry truly �oizrs, `�-�.�`� ✓✓b' ����'v�-�`�`'.. �t�.�` .- . . Margaz'et Shtal7non D�puty A.uditor ms:cs Prfined on Recyclotl Pappr ������( AM1i EQUAL OPPDATUNI7Y FNIPLOYER ' ,. • ' n .: .• � . . . . . : . " i `.�, l :J�A. � . � �� .. � ' . y�. �.J>.1x) �ti.\'a�T� �l� •'� : •�' .' . , ' , , ,.. . . � .... .., ,'. .,' �li:. . .. .. t. �Ft� ., . / ,.;?-.. -�� . •[: :Y' . .•�r-�'• w ''I' . . 3 �• �:'{ 1 ' ' x .�. . . �i.,.: . i3•'.::•�.'r.ti; 7. •¢?-, ��t. . . . . " "+'�- '.'a• . .:'h'�:L': . . . . . '>�.i�' :I: iY<� . :ti: . •���, � �� '•f.; �ti, a . •r . � . . �! � y.,.. . . .. . . , �• .^,: ��: p�p�p�{�C �7 ' �. �,5� ..:lp� ..1�. oq� . :.�:� ^I�1�.Q . r R�./�T\ u.Nl� s�it xi+cR . . tx�ri � �cir..n��: =ti� �ti D+�uEH7 LEW:80UKS '�L08194. p. _ ,�r�;::�� - t^' ��c�t e -;i'; :- •r.' e• tIt1MffiER 5� �' r . .. . . . .. . -� .�:. . . . .�,. . ��,.:. i,ia.. .. - . . .';�r �: �i= ��i:� . . :S'� � . . . ... .. . . . . �r.:>� . �/'1� . - . ..�" . � .. . . .. . � . . . . , .• , �•. - ' � � � � ' � , . '�s, � � . . . .T . . . . _ . A)f�`�fEAR i A.•i. . . . 49 r: - - i. . . N'. � TDTAI SE6Il�iTllG.BALAWCE • 5443.76 • . . • � � . , � � . .' " '. . . . . 70YA1. SGi1 AWItSYHkl{f • .0� � . •. . . , . . - • � . . . . `_:• �'` • ` , 773TA1 M3ES' 7I t.}iAH6�S ' � � • +6 - � � : . . , , . . �=..' � ••,.� ..• d�. . 9 . . . ra,'; . � . TUTAL RECEIYTS . ' : . .. • , • . � . .. ... '`�� • - . .. . .ae .. . . - ;�jM :+>� , �7oT,1L B81TliG BALAliCE� . . . , . . : . . .. �r-�' • - Q 5953.76: . , . ?'��.:'f: �.: ��:: . . . . . .. . . . . ��.. . . . . `0. �:��� . 707� �.tt.at�tE -. ..ac� . pQU$ PARGEGS 'THA��6RE .DE7;I4IQiIEN'7' '� ... �r_ - • ' �� . .. .. � .. .. . . , . . , . . . _, : .. . . .. . . . .. :<:� L:}�.: `�� . . . . . . . .. .. . . . / .:`.�'�j:`.''. W . 1'AX YEAR 294� � �.. • .�:.;• •.: . - .. . . . • _ . . �I�•., ,�. U ':- . ` T07J�1. 8f8LHlR}�f'► BAI.AHCE . • . . � q ' .... .: . . ;�.:.: � . : .ar37.�s � � - . .:.. : ; ����.���:'..��,.p55�5SrnENTS ,... i :�:: � � . ta�u � ��.� . .�_ . � ..:ai' - . • .� ;34 b'cbSA fl13�01 . •`�/,9��>�:�. .. �:����:��. � : � �. .. . . qa'-I`I 3:•• � �. r .-... . /� 5q�6.::. O �,•.� . • . . • . TOTAl. itEt�IPTS '. . . , ,• '• .0p • . . ' I.�• � . . . � .'.(l..'.' � . . • �j,A G�.. cn . � � � t�orN. � s� � • � a�-r..5s. ' � � � 3'+ 64550.014 Ol � 1�.� �l.��.�¢ �.. _. .. � �� .' ir - ' � , �. ' zor,� �.+,c�r+cE � '. � . .ao •. � . . � 1 q l p� /`I 9 " � . ' ; ��� �(�• •� . . . . . ~ . . � 7Aac�v�'1s92 � � • � '. . . . . ' �34 fi4651 029 01 . :zZ ?j6C'���D� �1����'� . � � � � • • G ':�`�:. :-.� ' . . • . . . .. . • • . TOTAL BEGiDttiltif, BALAHCE • 12455.4G .. . . ��� •• �' f , . . ; . 3 � . � ' .D�t� . .: :.: i }:.. . ' TarAt $c�t us.3usn�xr ' • • . , .aa - ' 34 �70900 O10 02 � . . � E� �,: ._ � c� •. , . 1 /�T� o , . ' TUl'Al. t1ET.TY CtiAF1�ES : � • .oa � � �� Z� � ������ . • . . � �. � . . . �nrat. e�cezPrs � . .ca ,: . . " . . ' ' � .. . . . � TA-1�.��. •� .�. ���.� :, . TnTAt, e�ir+c ax�� � � � iid3s.4a . . ���� � . p�JQ_.y . +i� Q kL , .. , . ' ,j � � . � ' � , TDTkL Sl�.t_A,?!CE � . �.aa : � ' .. �. . . . � . -. . �.. . .' . .. • : . �� • �: � � • s ' - , '.' . • • •' ' �� � � � , TAX�YEAP 1943 � • � � • . ' " . . . . . • '. . ' " . . • .. . . , TOYJU. BE6IftHINE; BALANCE .. 21925.�,2 .. . � . • . . . • , . �+.. ;' . i . 70TA1 BGN AA.IUSTHEHT � � � .d0 . , . • • � . .. .. r . • • . . , , , ., . 70TA1. NET 7I CNAl1�ES =• • . �• �.d 0 • • . . . . �: ' ' � TOTAL RECf3P7S �• . ' .B� � ' . . �. . . . .._. ' � � • ' . • �.-'. . • •TOTkI E!lD.ING SALAHCF � • � ?1928.12 ; ' . . . . . � � � . . ,>• t. .. ' TDTAi SAl.aNCE '. . � ' .BO .•, • . - " � � � � ; . . . hN'1 ' �' ' PRD.��T L D DS ' •' ' ' . , . . • . _ . . ' , . _ ' . � TOTAL BE6INliLNG BALA?�CF . 48106.83 . . • . • . . ,� . � . ' ," ' T�TAI BGH AII.AiS�? .. . : • . • .9B � •• . , . . . . • . ' . . ..' - . ' . . -- � • • '::'.:•.` • - .. .T(1TA1 1�' II CfiAKGES •�� �. � . .00 . .: . . � . . _, . . . . , •. .; _ ' M1 - . � .TOTAL ElIt1THG @ . , . . . . . . . . • . . �,..'�• .. � . � ALA?ICE: .. . . . , .�� '481Bb.B3 ' . ' . • . . . . . . • . S: � � - TdTAE:'SAL.1lNCE' . � . .►0 . ' • ' . • - . 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