CCRes_83-32a - Laserfiche WebLink

Home Browse Search

. ~,. C . • At the time the assessments are in fact levied the City Council shall, based on the then current estimated • collections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1. 16. The County Auditor of Ramsey County has certified that the original assessed value of real property within the Tax Increment Financing District area, according to the assessment as of January 2, 1981 is $ 159,246 Under the provisions of Minnesota Statutes, Section 273.76, the County Auditor will include only the original assessed value in the assessed valuation upon which he computes the rate of all state, county, city, school district and other taxes, but will extend the rate so determined against the entire assessed valuation of such real property in 1983 and each subsequent year, and the County Treasurer will remit to the City of Falcon Heights that portion of the taxes paid each year on such real property in Tax Increment Financing District which the excess of the assessed valuation over the original assessed value bears to such original value. 17. On or before October 10 of each year, the Clerk-Administrator shall certify to the County Auditor of • Ramsey County the amount of tax increments and any other funds appropriated to and then held in the Debt Service Account and the estimated collections of tax increments to be received in the next succeeding year. In the event that it is anticipated that the aggregate of said sums will not be sufficient to pay the principal and interest on the bonds to become due in the first calendar year thereafter and the first six months of the succeeding calendar year, the City Council shall pass a resolution requesting the County Auditor of Ramsey County to levy an ad valorem tax in an amount as is necessary, together with the aforementioned funds then held in the Debt Service Account and said estimated collections of tax increments to pay the principal and interest on the bonds to become due during said period. The tax increments and special assessments are such that if collected in full they, together with estimated collections of other revenues herein pledged for the payment of the bonds, will produce at least five percent in excess of the amount needed to meet when due the principal and interest payments on the bonds.