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

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V Estimate of Impact on Other Taxing Jurisdiction (AS AMENDED NOVEMBER 24, 1998) The city believes that this TIF Plan modification will have no practical impact on other taxing jurisdictions. The modification does not change the boundaries of TIF District no. 2 or increase the expected captured tax capacity in the TIF District. Rather, the modification simply re -directs the use of tax increment currently being collected from the TIF District in order to promote development and redevelopment goals. The City expects that proposed expenditures will stimulate development in various areas of the Development District, outside any TIF District. Such development will benefit all taxing jurisdictions by increasing the tax base, which increase will not be captured in a TIF District. Some additional development may be expected within existing TIF District, but any tax capacity increase is impossible to estimate at this time. W. Annual Financial Report Pursuant to Minnesota Statutes, Section 469.175, Subd. 6 of the TIF Act, the City must file an annual financial report regarding TIF District 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: 1. The original tax capacity of TIF District No.1; 2 The captured assessed value of TIF District No.1, including the amount of any captured assessed value shared with other taxing districts; 3. The outstanding principal amount of bonds issued or other loans incurred to finance project costs in TIF District No.1; 4. For the reporting period and for the duration of TIF District No.1, the amount budgeted under the TIF Plan and the actual amount expended for the following categories: a) acquisition of land and buildings through .condemnation or purchase; b) site improvement or preparation costs; c) installation of public utilities or other public improvements; and d) administrative costs, including the allocated cost of the City. 5. For properties sold to developers, the total cost of the property to the City and the price paid by the developer; and 6. The amount of tax exempt obligations, other than those reported under clause (3), which were issued on behalf of private entities for facilities located in TIF District No. 1. In addition, the City will file the annual report with the Minnesota Commissioner of Revenue regarding all TIF Districts in the City, as required in 469.175, Subd. 5 of the TIF Act. City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-11