Agenda - Council - 12/10/1996 - Laserfiche WebLink

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I I I I I I I I The cor0posite local tax rate for the affected property is estimated to be i07.679% for taxes payable in 1997~, The original tax capacity rate pursuant to §469.177, Subd. la of the ~ Act will be the rate for t0xes payable in 1997, which is not available at the time of preparation of this plan. The proposed 11997 rate is used for the purposes of estimating tax increment in this plan. Of the total tax capacity rate, 19.43% is levied by the City of Ramsey, 27.86% by Anoka County, 51.42% by Independent School District No. 11, and 1.30% by other taxing jurisdictions. Applying each taxing i,,mS_'.__~i,,'ction's percentage of the total tax capacity rate to the projected increment reveals the annual ' loss of tax dollars by each jurisdiction if the project had occurred without TIF. Although the City believes the actual impact on other taxing jurisdictions is zero because the deYelopment would not have occurred without public intervention, the assumed amount of tax d~Ilars foregone by each jurisdiction is listed in Table I below. TABLE I percent of Tax Increment Attributable to Various Taxing Jurisdictions Taxing Tax Capacity Percent of Estimated Jurisdiction Rate (TCR) Total TCR Tax L0~ City of Ramsey 20.917 19.43 % $213,241 Anoka County 29.997 27.86% $305,809 Independent School Dist. No. 11 55.365 51.42% $564,426 Other 1.400 1.30% $14,273 TOTAL 107.679 100% $1,097,749 Table II, below, shows the additional tax capacity rate needed to compensate each taxing jurisdiction for "lOst" tax dollars. The increased tax capacity created within TI~ Diswict No. 7 will eventually permi~ a ~ capacity rate decrease. Nevertheless, assuming that increment generated during the TIF District s life is lost to other taxing jurisdictions, Table II shows how much the tax capacity rate for property outside the TIF District would have to be increased to raise the same number of tax dollars. ' TABLE II Hypothetical Tax Capacity Rate Increase, by Taxing Jurisdiction Taxing Jurlsdi~tion 1994 (Payable) Estimated Estimated Tax Capacity Tax LO$$ TCR Increase City of Ramsey Anoka County Independent School Dist. No. 11 $8,002,896 $213,241.35 2.665% $167,196,496 $305,808.72 0.183 % $111,976,622 $564,426.43 0.504% W. Annual Financial Report. The City will Erie the annual reports required under §469.175 Subds. 5, 6, and 6a of the Act, and publ!sh the annual statement required under §469.175, Subd. 5. X. Notification of Prior Planned Improvements. Pursuant to §469.177, Subdivision 4 of the TIF Act, the City has reviewed its records with regard to the property within TIF District No. 7 and has found no building permits were issued during the 18 monks immediately preceding approval of the TIF Plan by the City. If a building 14