Agenda - Council - 07/23/1985 - Laserfiche WebLink

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ozs~rict pursuant to this paragraph (3) unless the authority has concluded an agreement or agreements for the development of at least 50 percent of the I acreage having the unusual soil or terrain de~t- ciencies, which agreement provides recourse for t he authority should the development not be completed," I Subsection 2,12. Duration of ?ax Increment Financin~ District Ho. 1. The duration of Tax Increment Financing I 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. I Subsection 2.13. Estimated Impact on Other Taxin~ Ju- risdictions' The estimated impact on other taxing jur£s- i dictions assumes construction would have occurred without the creation of a Tax Increment Financing D£strzct No. 1. If the construction is a result of tax increment financing, the impact is $0 to other entities. Rotwithstanding the I fact the fiscal impact on the other taxing juris- tha~ dictions is $0 due to the fact that the financing would not have occurred without the assistance of the city, the lol- l lowing estimated impact of Tax Increment Financing District No. I would be as follows if the 'but for' test was not met= Entity Anoka County City S.D. ~11 IMPACT ON TAX BASE Tax Base 1,062,665,311 53,301,8&& ~3,901,063 Original Future Captured Assessed Assessed Assessed Value Value Value 29,858 1,758,812 1,728,95~ 29,858 1,758,812 1,728,95~ 29,8~8 1,758,812 1,728,9~ ~ of Captured Assessed Value Co .163 3.2&~ .318 I Entity /~'toka County I City S.D. 911 IMPACT ON MILL RATES Special Districts I Total~ (1) Other taxing entities Current Mill Rate Potential Taxes 27.017 46,711 17.314 29,935 52.830 91,341 1.237 2,139 98.398 include Metropolitan Mosquito I( Control District, Anoka County Library, Rice Creek Watershed District, Metropolitan Council, .Metropolitan Transit Commis- sion, Vocational School District.