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

Home

R~duction or enlargement of the geographic boundaries of thc District; or 3. Reduction 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. T. Estimate' of Captured Assessed Value. Pursuant ito {}469.175, Subd. 1 and {}469.177, Subd. 2 of the TIF Act, the estimated captured assesse4 value of TIF District No. 4 will be $15,075 after January 2, 1989. The captured assessed v,xlue wis estimated in the following manner: AssesSed Value on January 2, 1989 $ 1,030,351 Origin~tlAssessed Value $ 1,015,276 Captured Assessed Value $ 15,075 Pursuant ~o {}469.177, Sub& 2 of the TIF Act, it is found and declared that all of the captured assessed [value generated by TIF District No. 4 is necessary to finance, or otherwise make permissible expenditures authorized by {}469.176, Subd. 4 of the TIF Act. U. Duration~of the TIF District. In accordahce with {}469.176, Subd. 1 of the TIF Act, the City may continue to receive TIF payments until 25 ~ears from the date of the receipt of the first increment. V. Estimate ~of Impact on Other Taxing Jurisdiction. The City blelieves that this modification of the TIF Plan for TIF District No. 4 will not result in any fisca! impact on other taxing jurisdictions. The modification does not expand the boundaries of tho TIF D~stnct or annmpate addmonal captured tax capamty. Rather, the modification autho~zes additional expenditures of tax increment currently being collected from the TIF District. Molt of the proposed expenditures relate to public improvements located in the Development Dist~'ict but not in any TIF District. The City expects that public improvements financed with tax ir}crement may stimulate additional development within one or more TIF Districts in the future, but ~ny increases in captured tax capacity and their impact on other jurisdictions cannot be estimated at this time. For previoas estimates of the impact of TIF District No. 4, see the original TIF Plan and subsequent modifications. W. Annual Financial Report. Pursuant to }469.175, Subd. 6 of the TIF Act, the City must file an annual financial report regarding TIF Dis~ct No. 4. The report shall be filed by July 1 of each year with the school board, the county bbard and the state auditor. The report to be filed by the City shall include the following informati .bn: 1. The briginal assessed value of TIF District No. 4; The~aptured assessed value of TIF District No. 4, including the amount of any capttlred assessed value shared with other taxing districts; 13