Agenda - Council - 03/08/1994 - Laserfiche WebLink

Home

i I the County Audilbr will increase or decrease the original tax capacity of TIF District No. 2 as a result of: 1. C ~.(~ge in the tax exempt status of property within the TIF District; 2. R ..egluction or enlargement of the geographic boundaries of the TIF District; 3. R{duction of valuation by means of a court-ordered abatement, stipulation agt. eement, voluntary abatement made by the assessor or auditor or by order of the Minnesota Commissioner of Revenue; or 4. cllange in the classification of property within the TIF District to a classification thSt has a different class rate. T. Es[imate of Cantured Tax Canacitv and Tax Increment. The captu~,xl tax capacity and tax increment from TIF District No. 2 was described in the TIF Plan adopted!June 30, 1986, and modified March 29, 1988. As of tax-payable year 1993, tax increment collectqxt from TIF District No. 2 is estimated to be $197,681.03. The Sunfish Square Addition development described in Section Q is expected to generate an additional $66,362.86 tax increment, esfima ~xl as follows: i Tax Capacity on January 2, 1995 $ 75,250.00 .Ori~nal Tax Capacity. $ 14,1 $4.00 Captured Tax Capacity $ 61,066.00 Assumed Tax Capacity Rate 1.08674% Estimated Tax Increment $ 66,362.86 A schedula of captured tax capacity and tax increment is shown in Exhibit B hereto. Pursuant tp §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured tax capaqity generated within TIF District No. 2 is necessary to finance or otherwise make permissible expenttitures authorized by §469.176, Subd. 4 of the TIF Act. U. Du[ration of the TIF District. In accordahce with §469.176, Subd. l(e) of the TIF Act, the City may continue to receive TIF payments until 25 years from the date of the receipt of the first increment. V. Estimate of Impact on Other Taxine Jurisdictions. It is anticii~ated that $66,362.86 in additional increment will be captured annually within TIF District No. 2I This increment amount is based on assessment of the development on January 2, 1995, for taxes payable in 1996. This amount is expected to increase to $96,357 by tax payable year 1999, when t~e Sunfish Square addition is expected to be fully developed. The comp°~site local tax rate for the affected property is 108.674% in 1994. Of the total tax capacity rate, 18.4~.7% is levied by the City of Ramsey, 32.579% by Anoka County, 56.591% by Independent School District No. 11, and 1.057% by other taxing jurisdictions. Applying q. ach taxing juri~iction's percentage of the total local tax rate to the projected increment reveals~e annual "loss' of tax dollars by each jurisdiction if the project had occurred without TIF. Alttfough the City believes the actual impact on other taxing jurisdictions is zero 12