Laserfiche WebLink
Pursuant to M.S., Section 469.777, Subd. 4, the City shall, after a due and <br />diligent search, accompany its request for certification to the County Auditor <br />or its notice of the District enlargement pursuant to M.S., Section 469.775, <br />Subd. 4, with a listing of all properties within the District or area of <br />enlargement for which building permits have been issued during the eighteen <br />(18) months immediately preceding approval of the TIF Plan by the <br />municipality pursuant to M.S., Section 469.775, Subd. 3. The County Auditor <br />shall increase the original net tax capacity of the District by the net tax <br />capacity of improvements for which a building permit was issued. <br />The City is reviewing the area to be included in the District to determine if any <br />building permits have been issued during the 18 months immediately <br />preceding approval of the TIF Plan by the City. <br />SOURCES OF REVENUE/BONDS TO BE ISSUED <br />The total estimated tax increment revenues for the District are shown in the <br />table below: <br />SOURCES <br />Tax Increment <br />Interest <br />TOTAL <br />$ 709,494 <br />70,949 <br />$ 780,443 <br />The costs outlined in the Uses of Funds will be financed primarily through the <br />annual collection of tax increments. The City reserves the right to issue bonds <br />or incur other indebtedness as a result of the TIF Plan. As presently proposed, <br />the projects within the District will be financed by pay-as-you-go notes and <br />interfund loans. Any refunding amounts will be deemed a budgeted cost <br />without a formal modification to this TIF Plan. This provision does not obligate <br />the City to incur debt. The City will issue bonds or incur other debt only upon <br />the determination that such action is in the best interest of the City. <br />The City may issue bonds secured in whole or in part with tax increments <br />from the District in a maximum principal amount of $628,648. Such bonds <br />may be in the form of pay-as-you-go notes, revenue bonds or notes, general <br />obligation bonds, or interfund loans. This estimate of total bonded <br />indebtedness is a cumulative statement of authority under this TIF Plan as of <br />the date of approval. <br />City of Ramsey <br />Tax Increment Financing District No. 19 (Zero Zone) 7 <br />