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

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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 Jurisdiction Local Tax Percent of Estimated Rate (LTR) Total LTR Tax Loss City of Ramsey 18.447 16.98 % $1 t ,264.84 Anoka County 32.579 29.98% $19,894.69 Independent School Dist. No. 11 56.59i 52.07% $34,557.86 Other 1.057 0.97% $645.47 TOTAL 108.674 100.00 % $66,362.86 Table II, below, shows the additional local tax rate needed to compensate each taxing jurisdiction for "lost" tax dollars. The increased tax capacity created within TIF District No. 2 will eventually permit a local tax 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 local tax rate for property outside the Tn~ District would have to be increased to raise the same number of tax dollars. TABLE H Hypothetical Local Tax Rate Increase, by Taxing Jurisdiction Taxing Jurisdiction City of Ramsey Anoka County Independent School Dist. No. 11 1993 (Payable) Estimated LTR Increase Tax Capacity Tax Loss Required $6,402,126.00 $11,264.84 0.176 $142,241,295.00 $19,894.69 0.014 $82,938,588.00 $34,557.86 0.042 I I I I I I I I I I I I' W. Annual Financial Report. Pursuant to §469.175, Sub& 6 of the TIF Act, the City must file an annual financial report regarding TIF District No. 2. The report shall be filed by July 1 of each year with the school board, the county board and the state auditor. The report shall include the following information: I. The original tax capacity of TIF District No. 2; The captured tax capacity of TIF District No. 2, including the amount of any captured tax capacity shared with other taxing districts; o The outstanding principal mount of bonds iSsued or other loans incurred to finance project costs in TIF Disu-ict No. 2; For the reporting period and for the duration of TIF District No. 2, the amount budgeted under the TIF Plan and the actual amount expended for the following categories: 13 I I i I I I