Agenda - Council - 12/14/2010 - Laserfiche WebLink

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City of Ramsey Anoka County ISD #11 Other (2) Totals Taxing Jurisdiction Estimated Impact on Other Taxing Jurisdictions Report Without Project or TIF District 2009/2010 Taxable Net Tax Capacity (1) 22,452,307 350,143, 958 222,953,724 City of Ramsey, Minnesota Tax Increment Financing (Redevelopment) District No. 14 The COR Project Scenario 2 - Without FD 2009/2010 Local Tax Rate 99.566% Projected 2009/2010 Retained New Taxable Captured Taxable Net Tax Net Tax Net Tax Capacity (1) + Capacity = Capacity 37.811 % 22,452,307 $12,647,452 35,099,759 35.189% 350,143,958 12,647,452 362,791,410 19.939% 222, 953, 724 12, 647, 452 235, 601,176 6.627% 12,647,452 (1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. (2) The impact on these taxing jurisdictions is negligible since they represent only 6.66% of the total tax rate. With Project and TIF District SPRINGSTED Page 26 Hypothetical Adjusted Local Tax Rate ( *) 24.187% 33.962% 18.869% 6.627% 83.645% * Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each of the taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above) which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax rate would decrease by 15.921 % (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that the Retained Captured Net Tax Capacity of the TIF District would generate is also shown above. Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions, then there is no impact on taxes levied or local tax rates. Hypothetical Decrease In Local Tax Rate ( *) 13.624% 1.227% 1.070% 15.921% Exhibit VI Hypothetical Tax Generated by Retained Captured N.T.C. ( *) 3,058,990 4,295,360 2,386,402