12-02-2020 Council Packet - Laserfiche WebLink

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Little Canada Economic Development Authority Modification to the TIF Plan for Tax Increment Financing District No. 3-3 9 Estimated Impact on Other Taxing Jurisdictions The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF Plan would occur without the creation of the District. However, the EDA or City has determined that such development or redevelopment would not occur "but for" tax increment financing and that, therefore, the fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as follows if the "but for" test was not met: The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the frozen rate of 103.145%, as it is lower than the Pay 2020 tax rate. The total net capacity for the entities listed above are based on Pay 2003 figures. Pursuant to M.S. Section 469.175 Subd. 2(b): (1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be generated over the life of the District is $4,938,417; (2) Probable impact of the District on city provided services and ability to issue debt. The modification of the budget for the TIF District is not anticipated to impact police, fire or public works as the development is completed and operating. Entity 2002/Pay 2003 Total Net Tax Capacity Estimated Captured Tax Capacity (CTC) upon completion Percent of CTC to Entity Total County 300,841,337 269,021 0.0894% City 6,305,429 269,021 4.2665% ISD 41,103,336 269,021 0.6545% Impact on Tax Base Entity Pay 2003 Extension Rate Percent of Total CTC Potential Taxes County 54.6030% 52.94% 269,021 $ 146,893 City 27.5410% 26.70% 269,021 74,091 ISD 12.4860% 12.11% 269,021 33,590 Other 8.5150% 8.26% 269,021 22,907 103.1450% 100.00% $ 277,481 Impact on Tax Rates