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I ! the County AuditOr will increase or decrease the original tax capacity of TIF District No. 2 as a result of: ~ 1. Chllnge in the tax exempt status of property within the TIF District; 2. Reduction or enlargement of the geographic boundaries of the TIF District; 3. Re~tuction of valuation by means of a court-ordered abatement, stipulation agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota Commissioner of Revenue; or 4. Ch~ge in the classification of property within the TIF District to a classification tha( has a different class rate. T. E~imate of Cantured Tax Canacitv and Tax Increment. The captutY,,d tax capacity and tax increment from TIF District No. 2 was described in the TIF Plan adopted lune 30, 1986, and modified March 29, 1988. As of tax-payable year 1993, tax increment collect ~&l from TIF District No. 2 is estimated to be $197,681.03. The Sunfish Square Addition developrhent described in Section Q is expected to generate an additional $66,362.86 tax increment, esumat~l as follows: Tax Capacity on January 2, 1995 $ 75,250.00 Ori~nal Tax Capaci _ty $ 14.184.00 Captured Tax Capacity $ 61,066.00 Assumed Tax Capacity Rate 1.08674% Estimated Tax Increment $ 66,362.86 A schedul~ of captured tax capacity and tax increment is shown in Exhibit B hereto. Pursuant tt) §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured tax capa~ty generated within TIF District No. 2 is necessary to f'mance or otherwise make permissible expen0itures authorized by §469.176, Subd. 4 of the TIF Act. U. Dd, ration 9f the TIF District. In accordagce with §469.176, Subd. l(e) of the TIF Act, the City may continue to receive TZF payments until 25 years from the date of the receipt of the first increment. V. Estimate of Impact on Other Taxine .lurisdictions. ~ - It is anticil~ated that $66,362.86 in additional increment will be captured annually within TIF District No. 2~ This increment amount is based on assessment of the development on January 2, 1995, for taxeslpayable in 1996. This amount may is expected to increase to $96,357 by tax payable year 199¢~ when the Sunfish Square addition is expected to be fully developed. The composite local tax rate for the affected property is 108.674% in 1994. Of the total tax capacity rate, 18.4A7% 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 ~ach taxing jurisdicfion's percentage of the total local tax rate to the projected increment reveals!the annual loss of tax dollars by each jurisdiction if the project had occurred without TIF. Alt.hough the City believes the actual impact on other taxing jurisdictions is zero 12