Agenda - Council Work Session - 05/13/2014

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(AS MODIFIED MAY 27, 2014) To date, the City has not sought special legislation for an exemption from or redefinition of the requirements of Minnesota Statutes Chapter 469.176, Subdivsion 6. Section V Estimated Impact on Other Taxing Jurisdictions Exhibit V shows the estimated impact on other taxing jurisdictions if the maximum projected retained captured net tax capacity of the TIF District was hypothetically available to the other taxing jurisdictions. The City believes that there will be no adverse impact on other taxing jurisdictions during the life of the TIF District, since the proposed development would not have occurred without the establishment of the TIF District and the provision of public assistance. A positive impact on other taxing jurisdictions will occur when the TIF District is decertified and the development therein becomes part of the general tax base. The fiscal and economic implications of the proposed tax increment financing district, as pursuant to Minnesota Statutes, Section 469.175, Subdivision 2, are listed below. 1 The total amount of tax increment that will be generated over the life of the district is estimated to be $185,708,929. 2 To the extent the project in TIF District 14 generates any public cost impacts on city- provided services such as police and fire protection, public infrastructure, and the impact of any general obligation tax increment bonds attributable to the district upon the ability to issue other debt for general fund purposes, such costs will be levied upon the taxable net tax capacity of the City, excluding that portion captured by the District. 3 The amount of tax increments over the life of the district that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is estimated to be $37,324,274. 4 The amount of tax increments over the life of the district that would be attributable to county levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained the same is estimated to be $65,871,101. 5 No additional information has been requested by the county or school district that would enable it to determine additional costs that will accrue to it due to the development proposed for the district. Section W Prior Planned Improvements The City shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. The City proposes to seek special legislation to provide for an exemption from or redefinition of the requirements of Minnesota Statutes Chapter 469.177 Subdivision 4. City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 16