Laserfiche WebLink
(AS MODIFIED MAY 27, 2014) <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, <br />upon completion of the projects within the District, will annually approximate tax increment <br />revenues as shown in the table below. The City requests 100 percent of the available increase in <br />tax capacity for repayment of its obligations and current expenditures, beginning in the tax year <br />payable 2015. The Project Tax Capacity (PTC) listed is an estimate of values when the projects <br />within the District are completed. <br />Project Estimated Tax Capacity upon Completion $7,900,000 <br />(PTC) <br />Original Estimated Net Tax Capacity (ONTC) $597,466 <br />Estimated Captured Tax Capacity (CTC) $7,302,534 <br />Original Local Tax Rate 1.10413 Pay 2011 <br />Estimated Annual Tax Increment (CTC x Local Tax $8,062,947 <br />Rate) <br />Percent Retained by the EDA 100% <br />Section Q Use of Tax Increment <br />Each year the County Treasurer shall deduct 0.36% of the annual tax increment generated by the TIF District <br />and pay such amount to the State's General Fund. Such amounts will be appropriated to the State Auditor for the <br />cost of financial reporting and auditing of tax increment financing information throughout the state. Exhibit III <br />shows the projected deduction for this purpose over the anticipated life of the TIF District. <br />The City has determined that it will use 100% of the remaining tax increment generated by the TIF District for <br />any of the following purposes: <br />(1) pay for the estimated public costs of the TIF District (see Section K) and County administrative <br />costs associated with the TIF District (see Section T); <br />(2) pay principal and interest on tax increment bonds or other bonds issued to fmance the estimated <br />public costs of the TIF District; <br />(3) <br />accumulate a reserve securing the payment of tax increment bonds or other bonds issued to <br />finance the estimated public costs of the TIF District; <br />(4) pay all or a portion of the county road costs as may be required by the County Board under <br />M.S. Section 469.175, Subdivision la; or <br />(5) <br />return excess tax increments to the County Auditor for redistribution to the City, County and <br />School District. <br />City of Ramsey <br />Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 14 <br />