Agenda - Council - 06/30/1986 - Laserfiche WebLink

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below $1,396,713, no assessed value will be captured and no increment will be payable to the City. Each year after the certification of the original assessed value, the county auditor will increase or decrease the original assessed value of property within TIF District No. 2 as a result of: 1. change in the tax exempt status of the property; reduction or enlargement of the geographic boundaries of the District; or reduction of valuation by means of a court-ordered abatement, stipulation agreement, voluntary abatement made by the assessor or auditor or by order of the Minnesota commissioner of revenue. T. Estimate of Captured Assessed Value. Pursuant to Sections 274.74, Subd. 1 and 273.76, Subd. 2 of the TIF Act, the estimated captured assessed value of TIF Dis- trict No. 2 will be $470,337 after January 2, 1988. The captured assessed value was estimated in the following manner: Assessor's Market Value on January 2, 1988 Original Assessed Value Captured Assessed Value $1,867,050 - $1,396,713 $470,337 Pursuant to Section 273.76, Subd. 2 of the TIF Act, it is found and declared that all of the captured assessed value generated by TIF District No. 2 is necessary to finance or other- wise make permissible expenditures authorized by Section 273.75, Subd. 4 of the TIF Act. U. Duration of the TIF District. In accordance with Section 273.75, Subd. 1 of the TIF Act, the City may continue to receive TIF payments until 25 years from the date of the receipt of the first increment. V. Estimate of Impact on Other Taxing Jurisdiction. It is anticipated that $46,281 in increment will be captured annually within TIF District No. 2. This increment amount is based on assessment of the development on January 2, 1988 for taxes payable in 1989. The composite mill rate for the affected 11