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

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property was 98.4 m~.lls in 1985. Anoka county levied 27.017 mills or 27% of the mill rate. Independent School District No. 1] levied 52.83 mills or 54% of the mill rate. The City of Ramsey levied 17.314 mills or 18% of the mill rate. Other jurisdictions levied a total of 1.237 mills or 1% of the mill rate. A mill rate of 98.4 mills has been utilized throughout the case flow analysis employed in the TIF Plan. Applying the percentage of the total mill rate levied in 1986 by each taxing jurisdiction to the projected mill rate and the annual increment of $46,281 reveals the annual "loss" of tax dollars by each jurisdiction if the project would have occurred without TIF. Although the City believes the actual impact on other taxing jurisdictions is zero because development would not have occurred within the reasonably foreseeable future without public interven- tion, the assumed amount of tax dollars foregone by each juris- diction is listed in Table I below: Table I Percent of Tax Increment Attributable to Various Taxing Jurisdictions Taxing Jurisdiction Estimated Estimated Percent of Tax Loss Mills Total Mills ($) City of Ramsey 17.4 18% $8,330 Anoka County 27.0 27% $12,496 Independent School District No. 11 52.8 54% $24,992 Other 1.2 1% $463 Total 98.4 100% $46,281 Table II represents the additional mills which would have to be levied to compensate each taxing jurisdiction for "lost" tax dollars. Although the increase in assessed value due to develop- ment will not be available for application to the mill levy for the duration of TIF District No. 2, the increased assessed value will eventually permit a mill levy decrease. Table II below represents the estimate of how much the mill levy for property outside of TIF District No. 2 would have to be increased to raise the same number of tax dollars. 12