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Each year after the certification of the original tax capacity of the TIF <br />District as a whole, the County auditor will increase or decrease the original tax <br />capacity of TIF District No. 2 as a result of: <br /> <br />change in the tax exempt status of property within the TIF District; <br /> <br />reduction or enlargement of the geographic boundaries of the TIF <br />District; <br /> <br />reduction of valuation by means of a court-ordered abatement, <br />stipulation agreement, voluntary abatement made by the assessor or <br />auditor or by order of the Minnesota commissioner of revenue; or <br /> <br />Change in the classification of property within the TIF District to a <br />classification that has a different class rate. <br /> <br />T. Estimate of Captured Tax Capacity and Tax Increment. <br /> <br /> The captured tax capacity and tax increment from TIF District No. 2 was <br />described in the TIF Plan adopted June 30, 1986 and modified March 29, 1988. As <br />of tax-payable year 1990, tax increment collected from TIF District No. 2 is <br />estimated to be $69,458. The ParaBody development described in Section Q is <br />expected to generate an additional $52,768 tax increment, estimated as follows: <br /> <br />Tax Capacity on January 2, 1991 <br />Original Tax Capacity <br />Captured Tax Capacity <br /> <br />Assumed Tax Capacity Rate <br />Estimated Tax Increment <br /> <br />$ 59,400 <br /> 2~626 <br />$ 56,774 <br /> <br />92.944% <br /> <br />$ 52,768 <br /> <br /> A schedule of captured tax capacity and tax increment is shown in Exhibit C <br />hereto. <br /> <br /> Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared <br />that all of the captured tax capacity generated within TIF District No. 2 is <br />necessary to finance or otherwise make permissible expenditures authorized by <br />Section 469.176, Subd. 4 of the TIF Act. <br /> <br />U. Duration of the TIF District. <br /> <br /> In accordance with Section 469.176, Subd. l(e) of the TIF Act, the City may <br />continue to receive TIF payments until 25 years from the date of the receipt of the <br />first increment. <br /> <br />V. Estimate of Impact on Other Taxing Jurisdictions. <br /> <br /> It is anticipated that $52,768 in additional increment will be captured within <br />TIF District No. 2 upon full development of the ParaBody parcel. This increment <br />amount is based on assessment of the development on January 2, 1991 for taxes <br /> <br />11 <br /> <br /> <br />