Agenda - Planning Commission - 12/02/2010

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City of Ramsey, Minnesota (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF Distdct; (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Section 0 Original Tax Capacity Rate The County Auditor shall also certify the original tax capacity rate of the TIF.. Distpct.l This rate shall be the sum of all d•.ap,.9psr�sp� �•, local tax rates that apply to property in the TIF District. This rate shalt be'rfor the'same taxes payable year as the ;. .Ir wi,:iiiT, original net tax capacity. it, Ns2� In future years, the amount of tax increment generated -by the TI�F'©Istrict will be calculatedtgeing the lesser of (a) the sum of the current local tax rates at that time or (b) the originals a>ti capacity rate of the TIF Dlstticttq,. At the time this document was prepared, the sum of the l`ocalt^ pax rates thatkt saply to property in thei;TIF District, for taxes levied in 2010 and payable in 2011, was not yet available: ,, Whej%;this total becomes available, the County Auditor shall certify this amount as the original fax capacity rate of fge T) District. For purposes of estimating the tax m ri increment generated by the TIF District, the sum,ofrthe local tax ratestfprltaxes levied in 2009 and payable in 2010 is 99.566% as shown below. `' dtli!r.;t'i1'nc 411 Taxing Jurisdiction.,,,, „.ji iif4;Jir:''. l Lh!µ c,b7; Yh "''"i:•li City,bfRamseY•'h;,r,a ,,:Anoka County ISD#11 Other, �'r1 5 °tal"; I) Section P!;'t Projected Retained Captured Net Tax Capacity and - Projected Taxilnckement The City anticipaess,that the redevelopment will be continual through the term of the TIF District. The City is projecting a total fail capacity foi P District No. 14 of $1,491,958 as of January 2, 2011. The captured tax capacity as of that date is estimated-d;be $344,842, and the first year of increment is estimated to be $343,345 in payable 2012. A complete schedutg pf'estimated fax increment from the TIF District is shown in Exhibit IV. The estimates shown in this TIF Plan assume that residential class rates remain at 1.0% of the estimated market .value under $500,000 and 1.25% of the estimated market value above $500,000, rental class rates remain at 1.25%, commercial class rates remain at 1.5% for the first $150,000 of estimated market value and 2.0% of the market value above $150,000. The projections assume a 2% annual market value inflator starting in the year taxes payable 2018. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. 2009/2010 ocal Tax Rate 37.811% 35.189% 19.939% 6.627% 99.566% SPRINGSTED Page 6 26