Agenda - Council Work Session - 06/25/2019

Home

(3) to sanitary sewer (SAC) and water (WAC) connection fees, though costs are yet to be determined. The probable impact of any District general obligation tax increment bonds on the ability to issue debt for general fund purposes is expected to be minimal. It is not anticipated that there will be any general obligation debt issued in relation to this project, therefore there will be no impact on the City's ability to issue future debt or on the City's debt limit. Estimated amount of tax increment attributable to school district levies. It is estimated that the amount of tax increments over the life of the District that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is $203,249. (4) Estimated amount of tax increment attributable to county levies. It is estimated that the amount of tax increments over the life of the District that would be attributable to coun y levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remain same, is $429,062; (5) Additional information requested by the county or school district. 'I`City is not aware of any standard questions in a county or school district written policy rega tax increment districts and impact on county or school district services. The county or s histrict must request additional information pursuant to MS. Section 469.175 Subd. 2(b) 15 days after receipt of the tax increment financing plan. or school district regarding the proposed No requests for additional information from the development for the District have been receive Subsection 2-13. Supporting Document Pursuant to M.S. Section 469.175, Subd. clause 7 the TIF Plan must contain identification and description of studies and analyses used e the determination set forth in M.S. Section 469.175, Subd. 3, clause (b)(2) and the findings are rgkAL•. in the resolution approving the District. (i) In making said determir�, reliance has been placed upon (1) written representation made by the developer to such eff- t , d (2) upon EDA and City staff awareness ofthe feasibility of developing the project site(s, in the District, which is further outlined in the City Council resolution approving est''a ent of the TIF District. (ii) A comparatk)analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed as described above. Such analysis is included with the cashflow in Appendix C, and indicates that the increase in estimated market value ofthe proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of the District and the use of tax increments. Subsection 2-14. Administration of the District Administration of the District will be handled by the Community Development Director. City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 17: Delta Modtech 2-7