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12-02-2020 Council Packet
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12-02-2020 Council Packet
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<br />Little Canada Economic Development Authority <br />Modification to the TIF Plan for Tax Increment Financing District No. 3-3 6 <br />Pursuant to M.S., Section 469.176, Subd. 7, the District does not contain any parcel or part of a <br />parcel that qualified under the provisions of M.S., Sections 273.111, 273.112, or 273.114 or <br />Chapter 473H for taxes payable in any of the five calendar years before the filing of the request <br />for certification of the District. <br />Duration and First Year of Tax Increment of the District <br /> <br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first <br />year of tax increment of the District must be indicated within the TIF Plan. Pursuant to M.S., <br />Section 469.176, Subd. 1b., the duration of the District will be 25 years after receipt of the first <br />increment by the EDA or City (a total of 26 years of tax increment). The District first received tax <br />increment in 2004, which was no later than four years following the year of approval of the District. <br /> <br />Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent <br />phases or other changes, would terminate after 2029, or when the TIF Plan is satisfied. The EDA <br />or City reserves the right to decertify the District prior to the legally required date. <br /> <br />Original Tax Capacity, Tax Rate and Estimated Captured Net Tax <br />Capacity Value/Increment and Notification of Prior Planned <br />Improvements <br /> <br />Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net <br />Tax Capacity (ONTC) as certified for the District is 103.145% based on Pay 2003. <br /> <br />Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year <br />(beginning in the payment year 2003) the amount by which the original value has increased or <br />decreased as a result of: <br /> <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 /> <br />In any year in which the current Net Tax Capacity (NTC) value of the District declines below the <br />ONTC, no value will be captured and no tax increment will be payable to the EDA or City. <br /> <br />The original local tax rate for the District is 103.145%, the local tax rate for taxes payable 2003. <br />The ONTC and the Original Local Tax Rate for the District appear in the table below. <br /> <br />
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