Agenda - Council - 09/12/1995 - Laserfiche WebLink

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without TIF. Although the City believes the actual, impact on other taxing jurisdictions is zero because the development would not have occurred without public intervention, the assumed amount of tax dollars 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 . Rote (TCRI Total TCR ~ City of Ramsey 19.551 17.01% $25,562.46 Anoka County 32.765 28.51%' $42,844.54 Independent School Dist. No. I 1 61.402 53.42% $80,279.04 Other 1.213 1.06% $ 1.592.96 TOTAL 114.931 100.00% $150,279.00 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 TIF District No. 6 will eventually permit a tax capacity rat.e 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 Hypothetic;d Tax Capacity Rate Increase, by Taxing Jurisdiction Taxing 1994 (Payable) Estimated Estimated ,[lltJa.0.i.~J~ Tax Capacity. ~ TCR Increase City of Ramsey Anoka County Independent School Dist. No. 11 $7,570,986 $25,663.67 0.339% $152,855,670 $43,014.18 0.028 % $97,260,390 $80,596.89 0.083% W. Annual Financial Report. The City will file the annual reports required under {}469.175 Subds. 5, 6,and 6a of the T1F Act, and publish 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. 6 and has found no building permits were issued during the !8 months immediately preceding approval of the TIF Plan by the City. If a building permit is issued within the 18-month period preceding approval, or modification, with regard to property added to the TIF District of the TIF Plan by the City, the county auditor is authorized and required to increase the original tax capacity of TIF District No. 6 by the tax capacity of the improvements :for which the building permit was issued. Y. Assessment Agreements. Pursuant to §469.177, Subd. 8 of the TIF Act, the City may, upon entering into a development contract pursuant to {}469.176, Subdivision 5 of the TIF Act, execute an assessment agreement in .recordable form with the developer which establishes a minimum market value of the land and ::Printed 8/11/95 Page 14 Draft I I I I I I I I I