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Pursuant to M.S., Section 469.777, Subds. 1 and 2, the County Auditor shall <br />certify in each year (beginning in the payment year 2028) the amount by <br />which the original value has increased or decreased as a result of: <br />1. Change in tax exempt status of property; <br />2. Reduction or enlargement of the geographic boundaries of the District; <br />3. Change due to adjustments, negotiated or court -ordered abatements; <br />4. Change in the use of the property and classification; <br />5. Change in state law governing class rates; or <br />6. Change in previously issued building permits. <br />In any year in which the current Net Tax Capacity (NTC) value of the District <br />declines below the ONTC, no value will be captured and no tax increment will <br />be payable to the City. <br />The original local tax rate for the District will be the local tax rate for taxes <br />payable 2026, assuming the request for certification is made before June 30, <br />2026. The rates for 2026 were not available at the time the District was <br />established. The ONTC and the Original Local Tax Rate for the District appear <br />in the table below. <br />Pursuant to M.S., Section 469.774 Subd. 4 and M.S., Section 469.777, Subd. 1, 2, <br />and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within <br />Development District No. 1, upon completion of the projects within the <br />District, will annually approximate tax increment revenues as shown in the <br />table below. The City requests 100% of the available increase in tax capacity <br />be used for repayment of the obligations of the City and current expenditures, <br />beginning in the tax year payable 2028. The Project Tax Capacity (PTC) listed <br />is an estimate of values when the projects within the District are completed. <br />Project Tax Capacity <br />Development estimated Tax Capacity upon completion <br />Original estimated Net Tax Capacity <br />Fiscal Disparities <br />Estimated Captured Tax Capacity <br />Original Local Tax Rate <br />Estimated Annual Tax Increment <br />Percent Retained by the City <br />$320,549 <br />148,596 <br />65,942 <br />$106,010 <br />93.6470% Pay 2025 <br />$99,275 <br />100% <br />Jlote: Tax capacity includes a 3.0% inflation factor for the duration of the District. The tax <br />capacity included in this chart is the estimated tax capacity of the District in year 9. The tax <br />capacity of the District in year one is estimated to be $253,044. <br />City of Ramsey <br />Tax Increment Financing District No. 19 (Zero Zone) 6 <br />