Agenda - Council - 12/13/2011 - Laserfiche WebLink

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(AS MODIFIED DECEMBER 13, 2011) Pursuant to Minnesota Statutes, Section 469.176, Subd. lb, of the Tax Increment Act, the duration of Tax Increment Financing District No. 1 within Development District No. 1 of the City will be twenty-five (25) years from the date of receipt by the City of tax increments. The date of receipt by the City of the first tax increment was 1986. Thus, it is estimated that Tax Increment Financing District No. 1, including any modifications for subsequent phases or other changes, would terminate on or before December 31, 2011. V Estimate of Impact on Other Taxing Jurisdiction The City believes that this modification of the TIF Plan for TIF District No.1 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. Most 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 increment may stimulate additional development within one or more TIF Districts in the future, but any increases in captured tax capacity and their impact on other jurisdictions cannot be estimated at this time. For previous estimates of the impact of TIF District No.1, see the original TIF Plan and subsequent modifications. Anoka County City of Ramsey Anoka Hennepin ISD No. 11 (AS MODIFIED DECEMBER 13, 2011) IMPACT ON TAX BASE 2010/Pay 2011 Total Net Tax Capacity 264,429,170 16,904,378 21,321,775 Estimated Captured Tax Capacity (CTC) Upon Completion 778,786 778,786 778,786 Percent of CTC to Entity Total 0.2945% 4.6070% 3.6525% City of Ramsey TIF District No. 1 Modification 2-9