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X. Annual Disclosure Requirements <br />Pursuant to Minnesota Statutes, Section 273.74, Subdivision 5, an authority <br />must file an annual disclosure report for all tax increment financing <br />districts. The report shall be filed with the school board, county board and <br />the Minnesota Department of Energy and Economic Development. The <br />report shall include the following information: <br />1. The amount and source of revenue in the account; <br />2. The amount and purpose of expenditures from the account; <br />3. The amount of any pledge of revenues, including principal and <br />interest on any outstanding bonded indebtedness; <br />4. The original assessed value of the district; <br />5. The captured assessed value retained by the authority; <br />6. The captured assessed value shared with other taxing districts; <br />7. The tax increment received. <br />The annual disclosure report is designed to be a two-way medium of <br />information dissemination for both the Office of the County Auditor and the <br />City. Should the auditor want additional information from the City <br />regarding its tax increment financing activities, such information should be <br />requested prior to submission of the annual disclosure report by the City. <br />Similarly, the city council may utilize the annual disclosure report as a <br />means for requesting information from the Office of the County Auditor. <br />Additionally, the city must annually publish a statement in a newspaper of <br />general circulation in the municipality showing the tax increment received <br />and expended in that year, the original assessed value, the captured assessed <br />value, amount of outstanding bonded indebtedness and any additional <br />information the city deems necessary. <br />Y. Assumptions <br />It was necessary to make certain assumptions regarding income, costs and <br />timing of the tax increment redevelopment district. These assumption are <br />based on discussions with City, County, and developer staff. <br />Z. Municipal Findings <br />Pursuant to Minnesota Statutes, Section 273.74, Subdivision 3, before or at <br />the time of approval of the tax increment financing plan, the municipality <br />shall make the following findings and shall set forth in writing the reasons <br />and supporting facts for each determination: <br />1. The proposed development or redevelopment, in the opinion of the <br />city, would not reasonably be expected to occur solely through <br />14 <br />