Agenda - Council Work Session - 05/13/2014

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2009/2010 Taxing Jurisdiction Local Tax Rate City of Ramsey 37.811% Anoka County 35.189% ISD #11 19.939% Other 6.627% Total 99.566% (AS MODIFIED MAY27, 2014) The actual original local tax rate for the TIF District is 110.413%, which is the rate for taxes payable in 2011. The sum of the local tax rates for taxes levied in 2010 and payable in 2011 is shown below. 2010/2011 Taxing Jurisdiction Local Tax Rate City of Ramsey 39.801% Anoka County 39.952% ISD #11 23.999% Other 6.661% Total 110.413% Section P Projected Retained Captured Net Tax Capacity and Projected Tax Increment The City anticipates that the redevelopment will be continual through the term of the TIF District. The City is projecting a total tax capacity for TIF District No. 14 of $1,491,958 as of January 2, 2011. The captured tax capacity as of that date is estimated to be $344,842, and the first year of increment is estimated to be $343,345 in payable 2012. A complete schedule of estimated tax increment from the TIF District is shown in Exhibit IV. The estimates shown in this TIF Plan assume that residential class rates remain at 1.0% of the estimated market value under $500,000 and 1.25% of the estimated market value above $500,000, rental class rates remain at 1.25 %, commercial class rates remain at 1.5% for the first $150,000 of estimated market value and 2.0% of the market value above $150,000. The projections assume a 2% annual market value inflator starting in the year taxes payable 2018. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F and Chapter 276A, the original net tax capacity of the TIF District shall be determined before the application of fiscal disparity. In subsequent years, the current net tax capacity shall either (a) be determined before the application of fiscal disparity or (b) exclude the product of any fiscal disparity increase in the TIF District (since the original net tax capacity was certified) times the appropriate fiscal disparity ratio. The method the City elects shall remain the same for the life of the TIF District, except that a single change may be made at any time from method (a) to method (b) above. The City elects method (a), or M.S. Section 469.1777, subdivision 3(a). The County Auditor shall certify to the City the amount of captured net tax capacity each year. The City may City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 11