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Agenda - Council - 01/25/2011
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Agenda - Council - 01/25/2011
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Meetings
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Agenda
Meeting Type
Council
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01/25/2011
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Exhibit VI <br />Estimated Impact on Other Taxing Jurisdictions Report <br />City of Ramsey, Minnesota <br />Tax Increment Financing (Redevelopment) District No. 14 <br />The COR Project <br />Scenario 2 - Without FD <br />Without <br />Project or TIF District <br />With Project and TIF District <br />Projected Hypothetical <br />2009/2010 2009/2010 Retained New Hypothetical Hypothetical Tax Generated <br />Taxable 2009/2010 Taxable Captured Taxable Adjusted Decrease In by Retained <br />Taxing Net Tax Local Net Tax Net Tax Net Tax Local Local Captured <br />Jurisdiction Capacity (1) Tax Rate Capacity (1) + Capacity = Capacity Tax Rate (*) Tax Rate (*) N.T.C. (*) <br />City of Ramsey <br />Anoka County <br />ISD #11 <br />Other (2) <br />Totals <br />22,452,307 37.811% 22,452,307 $12,555,323r 35,007,630 24.250% 13.561% 3,044,699 <br />350,143,958 35.189% 350,143,958 12,555,323 699,281 33.971% 1.218% 4,265,155 <br />222,953,724 19.939% "r 222,953,724 12,555 32n235,509,047 18.876% 1.063% 2,369,946 <br />12, 555, 323 6.627% <br />83.724% 15.842% <br />* Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each of <br />the taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above) <br />which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax rate <br />would decrease by 15.842% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that the <br />Retained Captured Net Tax Capacity of the TIF District would generate is also shown above. <br />Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions, <br />then there is no impact on taxes levied or local tax rates. <br />(1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. <br />(2) The impact on these taxing jurisdictions is negligible since they represent only 6.66% of the total tax rate. <br />SPRINGSTED <br />
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