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3. Reduction of valuation by means of a court -ordered abatement, stipulation agreement, voluntary <br />abatement made by the assessor or auditor or by order of the Minnesota Commissioner of <br />Revenue; or <br />4. Change in the classification fo property with th TIF District to a classification that has a <br />different assessment ratio. <br />Each year the county auditor will measure the increase or decrease in the tax capacity of the TIF <br />District. Any year in which the total tax capacity of the TIF District exceeds the adjusted original tax <br />capacity, an increment will be payable to the City. Any year in which the tax capacity is below the adjusted <br />original tax capacity, not tax capacity will be captured and no increment will be payable to the City. <br />T. Estimate of Captured Assessed Value <br />(AS AMENDED DUNE 24, 2003) <br />The City expects to collect approximately $1,200,000 annually (including interest earnings) beginning <br />in the collection year 2003. This projection is based on existing and current development in progress within <br />the TIF District. <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, upon <br />completion of the project, will annually approximate tax increment revenues as shown in the table <br />below. The City requests 100 percent of the available increase in tax capacity for repayment of its <br />obligations and current expenditures. <br />Project Estimated Tax Capacity upon Completion (PTC) $1,838,346 <br />Original Estimated Net Tax Capacity (ONTC) $193,901 <br />Estimated Captured Tax Capacity (CTC) $1,644,445 <br />Original Local Tax Rate 1.10413 Pay 2011 <br />Estimated Annual Tax Increment(CTC x Local Tax Rate) $1,815,681 <br />Percent Retained by the EDA 100% <br />U. Duration of the TIF District <br />(AS AMENDED NOVEMBER 24, 1998) <br />The City reaffirms its intent, pursuant to Section 469.176, Subd. lb(a) of the TIF Act, to collect tax <br />increments until 25 years after the date of receipt of the first increment from TIF District No. 2. The first <br />increment was received in July 1987; the City thus expects to receive tax increment through 2012. <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-10 <br />