Were all of the increments collected from Gaylord’s downtown tax increment financing district, spent within the district itself?
The answer to that question will have an impact on Gaylord’s Economic Development Authority.
Dick Asleson, a tax increment financing specialist with Northland Securities, Gaylord’s financial advisor, said that there are several questions pertaining to Gaylord’s downtown district.
The date of required decertification of the district, according to a document prepared by the city’s auditing firm, is Dec. 31, 2008. Asleson questions what type of tax increment financing district it is, whether or not it is a redevelopment district, as listed by the city’s auditing firm, or a pre-1979 district, as listed by the Office of the State Auditor.
Asleson also said that if all of the increments were spent within the district, the Gaylord Economic Development Authority would probably have until Aug. 1, 2009 to spend the money on eligible items. There is approximately $300,000 in the district.
If all of the funds weren’t spent within the district and the funds need to be sent to the County Auditor’s office, a “good share” would come back through redistribution, based on the tax rates of the government entities, he explained.
Asleson felt that the end dates of all the districts need to be verified. He also felt that it would be a good idea for the EDA to have the tax increment financing district information updated.
In other business, the EDA:
• Discussed possible ways to cut 10% of the budget. The item was tabled until the March meeting.
• Was introduced to Brent Pearson, Region Nine economic development coordinator, who will staff an office in Gaylord eight hours per week every Thursday.
• Learned that discussion of a Small Business Development Center satellite office in Gaylord was held recently in Arlington. It was mentioned that each city pay a small fee to establish the county satellite office. Gaylord, Arlington and Winthrop appeared supportive.
• Was told that the party interested in the Entegris building has been out of town. Troy Bonkowske, the EDA executive director, will follow up with the party next week.