Lanesboro – TIF 2-2 – 2019 Annual Reporting Form

Lanesboro – TIF 2-2 – 2019 Annual Reporting Form

2019 Annual Disclosure Statement

Name of Development Authority: Lanesboro

Name of Municipality: Lanesboro

Fillmore County Journal May 25, 2020

(Name of the Newspaper) (Date of Publication)

The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2019.

TIF 2-2

Current net tax capacity $20,930

Original net tax capacity $456

Captured net tax capacity $20,474

Principal and interest payments due in 2020 $7,593

Tax increment received in 2019 $32,618

Tax increment expended in 2019 $29,356

Month and year of first tax increment receipt 6/2008

Date of required decertification 12/31/2033

The total increased property taxes to be paid from outside the district if

12 fiscal disparities Option A applies* $ 0

* The fiscal disparities property tax law provides that the growth in commercial-industrial property tax values is shared throughout the area. In a tax increment financing district, this value sharing can either result in a decrease in tax increment financing district revenue or a tax increase for other properties in the municipality depending on whether the tax increment financing district contributes its share of the growth. Amounts displayed here indicate that the district did not contribute its growth in commercial-industrial property tax values and represent the resulting increase in taxes on other properties in the City for taxes payable in 2019.

Additional information regarding this district may be obtained from:

Name: Michele R Peterson, MCMC

Address: 202 Parkway Ave S, PO Box 333

City: Lanesboro

State: MN

Zip Code: 55949

Phone: (507) 467-3722

Email: lanesboro@acegroup.cc

Publish 25