Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Each ye~, after the certification of the original tax capacity of the TIF District as a whole, the county auditor will increase or decrease the original tax capacity of TIF District No. 2 as a result of: : 1. Ch~ange in the tax exempt status of property within the TI]:: District; 2. Rqduction or enlargement of the geographic boundaries of the TIF District; 3. Raduction of valuation by means of a court-ordered abatement, stipulation ag}eement, voluntary abatement made by the assessor or auditor, or by order of the Minnesota Commissioner of Revenue; or 4. C~ange in the classification of property within the TIF District to a classification that has a different class rate. T. Esiimate of Captured Tax Capacity and Tax Increment. The captu~'ed 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 collect~ from TIF District No. 2 is estimated to be $197,681.03. Pursuant t0 {}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 finance or otherwise make permissible expen{litures authorized by {}469.176, Subd. 4 of the TIF Act. U. Dui'ation of the TIF District. In accordan_, ce with {}469.176, Subd. l(e) of the TIF Act, the City may continue to receive TIt: payments until~25 years from the date of the receipt of the fh-st increment. V. Estimate of Impact on Other Taxing Jurisdictions. The City b!~lieves that this modification of the TIF Plan for TIF District No. 2 will not result in any fiscal impact on other taxing jurisdictions. The modification does not expand the boundaries of the~TIF District or anticipate additional captured tax capacity. Rather, the modification authorizes additional expenditures of tax increment currently being collected from the TIF District. Mos!: of the proposed expenditures relate to public improvements located in the Development District but not in any TIF District. The City expects that public improvements financed with tax idcrement may stimulate additional development within one or more TW Districts in the future, but aBy increases in captured tax capacity and their impact on other jurisdictions cannot be estimatedtat this time. For previou/s estimates of the impact of TIF District No. 2, see the original TIF Plan and subsequent modifications. W. Ann~ual Financial Report. Pursuant to {}469.175, Subd. 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 bdard and the state auditor. The report shall include the following information: 1. The ~riginal tax capacity of TIF District No. 2; 13