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

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Each yearlafter the certification of the original tax capacity, the county auditor will increase or decrease the o~ginal assessed value of property within T~ District No. 4 as a result of: 1. C ,~nge in the tax exempt status of the property; 2. ReOuction or enlargement of the geographic boundaries of the District; or 3. Reduction 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 Mihnesota Commissioner of Revenue. T. Estimate ~f Captured Tax Capacity. Pursuant t~o §469.174, Subd. 4 and {}469.177, Subd. 2 of the TIF Act, the estimated The captured tax capo[city of TIF District No. 1 will be $9,026,850 as of January 2, 1991. captured tax capac!ty was estimated in the following manner: Assessed Value as of January 2, 1991 $ 9,103,636 Original Assessed Value Captured Assessed Value $ 76,746 $ 9,026,850 Pursuant t9 §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured assessed 3alue generated by TIF District No. 1 is necessary to finance, or otherwise make permissible, expenditures authorized by §469.176, Subd. 4 of the TIF Act. U. Duration 9f the TIF District. In accordaqCe with §469.176, Subd. 1 of the TIF Act, the City may continue to receive TIF payments until 25 years from the date of the receipt of the fa'st increment. V. Estimate Of Impact on Other Taxing Jurisdiction. The City b,c:lieves that this modification of the TIF Plan for TIF District No. 1 will not result in any fiscaliimpact on other taxing jurisdictions. The modification does not expand the boundaries of theITIF 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 i~crement may stimulate additional development within one or more TI~ Districts in the future, but agy increases in captured tax capacity and their impact on other jurisdictions cannot be estimated[at this time. For previou~s estimates of the impact of TIF District No. 1, see the original TIF Plan and subsequent modifichtions. W. Annual Filaancial Report. Pursuant to §469.175, Subd. 6 of the TIF Act, the City must file an annual financial report regarding TIF Disti'ict No. 1. The report shall be filed by July 1 of each year with the school board, the county board and the state auditor. The report to be filed by the City shall include the following information: 13