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the County AuditOr will increase or decrease the original tax capacity of TIF District No. 2 as a result of: ~ · 1. Change in the tax exempt status of property within the TIF District; 2. Ret!uction or enlargement of the geographic boundaries of the TIF District; 3. Re~tuction 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 Mihnesota Commissioner of Revenue; or 4. Ch~mge in the classification of property within the TIF District to a classification that has a different class rate. T. Estimate of Captured Tax Capacity and Tax Increment. The cap~ tax capacity and tax increment from TIF District No. 2 was described in the TIF Plan adopted ~Iune 30, 1986, and modified March 29, 1988. As of tax-payable year 1993, tax increment collect~t 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 ~fied as follows: [ Tax Capacity on January 2, 1995 $ 75,250.00 Ori~nal T~ Capaci .ty $ 14.184.00 ' Captum~ Tax Capacity $ 61,066.00 Assumed Tax Capacity Rate 1.08674% Estimated Tax Increment $ 66,362.86 A schedul6 of captured tax capacity and tax increment is shown in Exhibit B hereto. Pursuant .to §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured tax capa~!ty generated within T[F District No. 2 is necessary to f'mance or otherwise make permissible expe~mres authorized by §469. I76, Subd. 4 of the TIF Act. U. Duration of the TIF District. In accordamce with §469.176, Subd. l(e) of the TIF Act, the City may continue to receive TIF payments un~ 25 years from the date of the receipt of the first increment. V. l~s~imate of Impact on Other Taxing Jurisdictions. It is anticipated that $66,362.86 in additional increment will be captured annually within TIF District No. 2J, This increment amount is based on assessment of the development on January 2, 1995, for taxes ~ayable in 1996. This amount is expected to increase to $96,357 by tax payable year 1999, when ~e 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. ~447% 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 each taxing,iuri~iction's percentage of the total local tax rate to the projected increment reveal.¢the annual loss of tax dollars by each jurisdiction if the project had occurred without TIF. Although the City believes tim actual impact on other taxing jurisdictions is zero