Financial Statements – CITY OF FOREST LAKE

2015 ANNUAL DISCLOSURE STATEMENT

Name of Development Authority: Forest Lake Economic Development Authority

Name of Municipality: City of Forest Lake

The following information represents the annual disclosure of tax increment districts for the year ended December 31, 2015.

Forest Lake Times on 8/4/2016

*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 tax increase for other properties in the municipality or result in a decrease in tax increment financing district revenue depending on how the tax increment financing district is established.

Tax Increment Financing District #21 Legion/Mall does not share its growth in commercial-industrial property tax values. This results in an increase in property taxes for other properties in this municipality. For taxes payable in 2015, this increase in taxes on other properties amounted to $129,373.

Tax Increment Financing District #24 Setterholms does not share its growth in commercial-industrial property tax values. This results in an increase in property taxes for other properties in this municipality. For taxes payable in 2015, this increase in taxes on other properties amounted to $0.

Additional information regarding each district may be obtained from:

Aaron Parrish [email protected]

Name of TIF Representative Email:

1408 Lake Street South, Forest Lake, MN 55025 (651) 464-3550

Address (Street, City, Zip) Phone

Published in the

Forest Lake Times

August 4, 2016

580017

http://forestlaketimes.ecmpublishers.com/wp-content/uploads/sites/36/2016/08/580017-1.pdf

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