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R. Estimate of Bonded Indebtedness <br />(AS MODIFIED DECEMBER 13, 2011) <br />The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments <br />from the District in a maximum principal amount of $20,472,519. Such bonds may be in the form of <br />pay -as -you go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of <br />total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of this <br />Modification. <br />S. Original Tax Capacity <br />1985. <br />of: <br />(AS AMENDED NOVEMBER 24, 1998) <br />The Original tax capacity of all property within TIF District No. 2 is the valuation as of January 2, <br />The County Auditor will increase or decrease the original tax capacity of the TIF District as a result <br />1. Change in the tax exempt status of property within the TIF District; <br />2. Reduction or enlargement of the geographic boundaries of the TIF District; <br />3. Reduction of valuation by means of a court -ordered abatement, stipulation agreement, <br />voluntary abatement made by the assessor or auditor or by order of the Minnesota <br />Commissioner of Revenue; or <br />4. Change in the classification fo property with th TIF District to a classification that has a <br />different assessment ratio. <br />Each year the county auditor will measure the increase or decrease in the tax capacity of the TIF <br />District. Any year in which the total tax capacity of the TIF District exceeds the adjusted original tax <br />capacity, an increment will be payable to the City. Any year in which the tax capacity is below the adjusted <br />original tax capacity, not tax capacity will be captured and no increment will be payable to the City. <br />T. Estimate of Captured Assessed Value <br />(AS AMENDED JUNE 24, 2003) <br />The City expects to collect approximately $1,200,000 annually (including interest earnings) <br />beginning in the collection year 2003. This projection is based on existing and current development in <br />progress within the TIF District. <br />(AS MODIFIED DECEMBER 13, 2011) <br />Pursuant to M.S., Section 469.174 Subd. 4 and MS., Section 469.177, Subd. 1, 2, and 4, the estimated <br />Captured Net Tax Capacity (CTC) of the District, within Development District No. 1, upon completion of <br />the project, will annually approximate tax increment revenues as shown in the table below. The City requests <br />100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures. <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-10 <br />