Agenda - Council - 11/24/1998 - Laserfiche WebLink

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2. reduction or enlargement of the geographic boundaries of the TIF District; or reduction of valuation by means of a court-ordered abatement, stipulation agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota Commissioner of Revenue. 4. change in the classification of property within the TIF District to a classification that has a different assessment ratio. Each year the county auditor will measure the increase or decrease in the tax capacity of the TIF District. Any year in which the total tax capacity of the TIF District exceeds the adjusted original tax capacity, an increment will be payable to the City. Any year in which the tax capacity is below the adjusted original tax capacity, no tax capacity will be captured and no increment will be payable to the City. T. Estimate of Captured Tax Capacity and Tax Increment. The City is currently collecting approximately $143,000 in tax increments from TIF District No. 6. This TIF Plan modification does not anticipate additional captured tax capacity other than that from development previously scheduled to occur. Pursuant to Section 469.177, Sub& 2 of the T1F Act, it is found and declared that all of the captured tax capacity generated upon full development of all property within the TIF District is necessary to finance or otherwise make permissible expenditures authorized by Section 469.176, Subd. 4 of the TIF Act. U. Duration of the TIF District. The City reaffirms its intent, pursuant to Section 468.176, Subd. lb(a) of the TIF Act, to collect tax increments until 9 years after the date of first receipt of taw~ increment or 11 years after the date of approval of the TIF Plan, whichever is earlier. V. Estimate of Impact on Other Taxing Jurisdictions. The City believes that this TIF Plan modification will have no practical impact on other taxing jurisdictions. The modification does not change the boundaries of TIF District No. 6 or increase the expected captured tax capacity in the TIF District. Rather, the modification simply re-directs the use of tax increment currently being collected from the TIF District in order to promote development and redevelopment goals. The City expects that proposed expenditures will stimulate development in various areas of the Development District, outside any TIF District. Such development will benefit ali taxing jurisdictions by increasing the tax base, which increase will not be captured in a TIF Distribt. Some additional development may be expected within existing TI~ Districts, but any tax capacity increase is impossible to estimate at this time. SJB-151910 RA125-52 30