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City of Ramsey, Minnesota
<br />The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate
<br />additional eligible items, so long as the total estimated public cost is not increased.
<br />Section L Estimated Sources of Revenue
<br />I Tax Increment revenue $185,708,929 1
<br />I Interest on invested funds 0 1
<br />Bond proceeds 0 I
<br />Loan proceeds lit, 0 I
<br />! Grants ,111 1111r 01
<br />I Other �:ii ltf'': 0
<br />Total a:.{j: i%i t•, $185,708,929
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<br />The City anticipates using future tax increments for reimburseme�tii,of"piblic costs(;kincurred from Section K. As
<br />increments are collected from the TIF District in future years, a porrttlo j:bf these taxes w I�I,O;e reserved by the City as
<br />reimbursement for public costs incurred (primarily land acquPsiion), either through intelriall funding or general
<br />obligation or revenue debt. The City also anticipates prov)dirtrd financial assistance to the proposed developments
<br />through the use of a pay-as-you-go technique. As tax increr"�, epfs are collected. from the TIF District/in future years, a
<br />Bier U�9 District/in
<br />portion of these taxes will be distributed to the developer/ownero, as reimbu(sement for public costs incuned that relate •
<br />to redevelopment of the project site. ,pl.' .
<br />The City reserves the right to finance any o lali ipublic costs of t eAT,Il;• District using pay-as-you-go assistance,
<br />internal funding, general obligation or revenue debt' o a ny.{other financingirmechanism authorized by law. The City
<br />also reserves the right to use other sources of `revenue` legally) applicable tor,).tthe, Project Area to pay for such costs
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<br />including, but not limited to, special assessments, util�Ryy revenr)es(l:fedesal or state:funds, and investment income.
<br />h:. �. rt{;• rase'
<br />Section M EsfimatediAmbunt ofBonded Indebteiiness
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<br />The Authority does not anticipate issuing ,taz Increment bonds to finance the estimated public costs of the TIF District,
<br />but reserves the right toi"issue such'7ondslin;: an amotinfd,not to exceed $80,372,946 ($61,825,343 + 30%
<br />contingency). .,.,.. ;s.;=;-F"urip
<br />.,,iz,gi:#; '
<br />Sectiion'': 4 Original Ne4'?ax Capacity
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<br />The County:Auditor shall certify the,original het -tax capacity of the TIF District. This value will be equal to the total net
<br />tax capacitji of alhproperty in the TIpi District as certified by the State Commissioner of Revenue. For districts certified
<br />between Januaiii t and June 30Pinclusive, this value is based on the previous assessment year. For districts
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<br />certified between\ ul 1, and December 31, inclusive, this value is based on the current assessment year.
<br />The Estimated Market Valietof:lall property within the TIF District as of January 2, 2010, for taxes payable in 2011, is
<br />$68,067,900. Upon estaShAent of the TIF District, and subsequent reclassification of property, it is estimated that
<br />the original net tax capacity of the TIF District will be approximately $1,128,643. At the time this document was
<br />created a significant portion of the land within the TIF District was owned by the City and tax-exempt and is not
<br />included in the amounts above. Pursuant. to Minnesota Statutes, Section 469.177, Subdivision 1(c) if improvements
<br />are made to tax exempt property after certification of the District and before the parcel becomes taxable, the assessor
<br />shall, at the request of the City, separately assess the estimated market value of the improvements. If the property
<br />becomes taxable, the County Auditor shall add to original net tax capacity, the net tax capacity of the parcel,
<br />excluding the separately assessed improvements. The City intends to request the assessor separately assess the
<br />market value of any improvements to the currently tax-exempt property.
<br />Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as
<br />a result of:
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