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2. Reduction or enlargement of the geographic boundaries of the District; or <br />3. Reduction of valuation by means of a court -ordered abatement, stipulation agreement, <br />voluntary abatement made by the assessor or auditor, or by order of the Minnesota <br />Commissioner of Revenue. <br />T Estimate of Captured Tax Capacity <br />Pursuant to Minnesota Statutes, Section 469.174, Subd. 4 and Minnesota Statutes, Section <br />469.177, Subd. 2 of the TIF Act, the estimated captured tax capacity of TIF District No.1 will be $575,295 <br />as of January 2, 1994. The captured tax capacity was estimated in the following manner: <br />Tax Capacity Value on January 2, 1994 $594,750 <br />Original Tax Capacity $19,445 <br />Captured Tax Capacity $575,295 <br />Pursuant to Minnesota Statutes, Section 469.177, Subd. 2 of the TIF Act, it is found and declared <br />that all of the captured assessed value generated by TIF District No. 1 is necessary to finance, or otherwise <br />make permissible, expenditures authorized by Minnesota Statutes, Section 469.176, Subd. 4 of the TIF <br />Act. <br />(AS MODIFIED DECEMBER 13, 2011) <br />Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the <br />estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 1, <br />upon completion of the project, will annually approximate tax increment revenues as shown in the <br />table below. The City requests 100 percent of the available increase in tax capacity for repayment of <br />its obligations and current expenditures. <br />Project Estimated Tax Capacity upon Completion (PTC) 798,401 <br />Original Estimated Net Tax Capacity (ONTO) 19,615 <br />Estimated Captured Tax Capacity (CTC) $778,786 <br />Original Local Tax Rate 1.10413 Pay 2011 <br />Estimated Annual Tax Increment (CTC x Local Tax Rate) $859,881 <br />Percent Retained by the City 100% <br />U. Duration of the TIF District. <br />In accordance with Minnesota Statutes, Section 469.176, Subd. 1 of the TIF Act, the City may <br />continue to receive TIF payments until 25 years from the date of the receipt of the first increment. <br />City of Ramsey TIF District No. 1 Modification 2-8 <br />