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Project Estimated Tax Capacity upon Completion (PTC) $1,838,346 <br />Original Estimated Net Tax Capacity (ONTC) $193,901 <br />Estimated Captured Tax Capacity (CTC) $1,644,445 <br />Original Local Tax Rate 1.10413 Pay 2011 <br />Estimated Annual Tax Increment(CTC x Local Tax Rate) $1,815,681 <br />Percent Retained by the EDA 100% <br />U. Duration of the TIF District <br />(AS AMENDED NOVEMBER 24, 1998) <br />The City reaffirms its intent, pursuant to Section 469.176, Subd. lb(a) of the TIF Act, to collect tax <br />increments until 25 years after the date of receipt of the first increment from TIF District No. 2. The first <br />increment was received in July 1987; the City thus expects to receive tax increment through 2012. <br />V. Estimate of Impact on Other Taxing Jurisdiction <br />(AS AMENDED NOVEMBER 24, 1998) <br />The city believes that this TIF Plan modification will have no practical impact on other taxing <br />jurisdictions. The modification does not change the boundaries of TIF District no. 2 or increase the expected <br />captured tax capacity in the TIF District. Rather, the modification simply re -directs the use of tax increment <br />currently being collected from the TIF District in order to promote development and redevelopment goals. <br />The City expects that proposed expenditures will stimulate development in various areas of the <br />Development District, outside any TIF District. Such development will benefit all taxing jurisdictions by <br />increasing the tax base, which increase will not be captured in a TIF District. Some additional development <br />may be expected within existing TIF District, but any tax capacity increase is impossible to estimate at this <br />time. <br />W. Annual Financial Report <br />Pursuant to Minnesota Statutes, Section 469.175, Subd. 6 of the TIF Act, the City must file an annual <br />financial report regarding TIF District No. 1. The report shall be filed by July 1 of each year with the school <br />board, the county board and the state auditor. The report to be filed by the City shall include the following <br />information: <br />1. The original tax capacity of TIF District No.1; <br />2 The captured assessed value of TIF District No.1, including the amount of any captured <br />assessed value shared with other taxing districts; <br />3. The outstanding principal amount of bonds issued or other loans incurred to finance project <br />costs in TIF District No.1; <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-11 <br />