Agenda - Planning Commission - 09/05/1995

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without TIF. Although the City believes the actual impact on other taxing jurisdictions is zero because the d~.velopment 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 _RaI.t_LT_.C2~ , Total TCR ~ax Loss City of Rarn~y 19.551 17.01% $25,562.46 Anoka County 32.765 28.51%' $42,844.54 Independent Sohool Dist. No. 11 61.402 53.42% $80,279.04 Other 1.213 1.06% $ 1.592,9(~ TOTAL I 14.931 100.00 % $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 pe~t a tax 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 f6~r 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 Ta~ing 1994 (Payable) Estimated Estimated Tax Capacity Tax Loss 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 f'de the annual reports required under §469.175 Subds. 5, 6,and 6a of the TIF 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 18 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 btiilding 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 forrr! with the developer which establishes a minimum market value of the land and Printed 8/11/95 Page 14 Draft