Agenda - Council - 07/09/1985 - Special

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c~strict pursuant to this paragraph (3) unless the authority has concluded an agreement or agreements for the development of at least 50 percent of the acreage having the unusual s~il or terrain defi- ciencies, which agreement provides recourse for th~ authority should the development not be completed. Subsection 2.12. Duration of Tax Increment Financing District No. 1. The duration of Tax Increment Financing District No. 1 is expected to be twenty-three (23) years from the receipt of the first tax increment. The date of receipt of the first tax increment will be 1986. Subsection 2.13. Estimated Impact on Other Taxing Ju- risdictions. The estimated impact on other taxing juris- dictions assumes construction would have occurred without the creation of Tax Increment Financing District No. 1. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing juris- dictions is $0 due to the fact that the financing would not have occurred without the assistance of the city, the fol- I lowing estimated impact of Tax Increment Financing District No. 1 would be as follows if the "but for" test was not met: I I' I I IMPACT ON TAX BASE Z of Captured Orfgfnal Future Captured Assessed Assessed Assessed Assessed Value to Entity Tax Base Value Value Value __Entity Anoka County 1,062,665,311 29,858 1,758,812 1,728,954 .163 City 53,301,844 29,858 1,758,812 1,728,954 3.244 S.D. ~11 543,901,063 29,858 1,758,812 1,728,954 .318 IMPACT ON MILL RATES I Entity Anoka County City I S.D. ~11 Special Districts Current Mill Rate Potential Taxes 27.017 46,711 17.314 29,935 52.830 91,341 1.237 2,139 Total: 98.398 (1) Other taxing entities include Metropolitan Mosquito Control District, Anoka County Library, Rice Creek Watershed District, Metropolitan Council, Metropolitan Transit Commis- sion, Vocational School District. 2 - 8