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the tax capacity is below the adjusted original tax capacity, no tax capacity will be captured <br />and no increment will be payable to the City. <br /> <br />T. Estimate of Captured Tax Capacity and Tax Increment. <br /> <br /> The City is currently collecting approximately $321,000 in tax increments annually <br />from TIF District No. 2. This TIF Plan modification does not anticipate additional captured <br />tax capacity other than that from development previously~scheduled to occur. <br /> <br /> Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared that all <br />of the captured tax capacity generated upon full development of all property within the TIF <br />District is necessary to finance or otherwise make permissible expenditures authorized by <br />Section 469.176, Subd. 4 of the TIF Act. <br /> <br />U. Duration of the TIF District. <br /> <br /> The City reaffirms its intent, pursuant to Section 468.176, Subd. lb(a) of the TIF <br />Act, to collect tax increments until 25 years after the date of receipt of the fkst increment <br />from TIF District No. 2. The'first increment was received in July, 1987; the City thus <br />expects to receive tax increment through 2012. <br /> <br />V. Estimate of Impact on Other Taxing Jurisdictions. <br /> <br /> The City believes that this TIF Plan modification will have no practical impact on <br />other taxing jurisdictions. The modification does not change the boundaries of TIF District <br />No. 2 or increase the expected captured tax capacity in the TIF District. Rather, the <br />modification simply re-directs the use of tax increment currently being collected from the <br />TIF District in order to promote development and redevelopment goals. <br /> <br /> The City expects that proposed expenditures will stimulate development in various <br />areas of the Development District, outside any TIF District. Such development will benefit <br />all taxing jurisdictions by increasing the tax base, which increase will not be captured in a <br />TIF District. Some additional development may be expected within existing TIF Districts, <br />but any tax capacity increase is impossible to estimate at this time. <br /> <br />W. Annual Reports. <br /> <br /> The City may comply with all reporting requirements under Section 469.175, Subds. <br />5, 6 and 5a of the TIF Act. <br /> <br />SJB-151910 <br />R^t25-5~ 17 <br /> <br /> <br />