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10-27-2021 Council Packet
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10-27-2021 Council Packet
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Exhibit IV Estimated Impact on Other Taxing Jurisdictions ReportCity of Little Canada, MinnesotaTax Increment Financing (Economic Development) District No. 7-3Owassa Warehouse based on $90 per SF valueDraft TIF Plan Exhibits based on 74,500 SF industiral facilityWithoutProject or TIF District With Project and TIF DistrictProjected Hypothetical2020/2021 2020/2021 Retained New Hypothetical Hypothetical Tax GeneratedTaxable 2020/2021 Taxable Captured Taxable Adjusted Decrease In by RetainedTaxing Net Tax Local Net Tax Net Tax Net Tax Local Local CapturedJurisdiction Capacity (1) Tax Rate Capacity (1) + Capacity = Capacity Tax Rate (*) Tax Rate (*) N.T.C. (*)City of Little Canada 12,931,641 23.983% 12,931,641 $112,830 13,044,471 23.776% 0.207% 26,826Ramsey County 609,931,784 47.760% 609,931,784 112,830 610,044,614 47.751% 0.009% 53,878ISD #623 77,203,088 31.250% 77,203,088 112,830 77,315,918 31.204% 0.046% 35,208Other (2) --- 8.938% --- 112,830 --- 8.938% --- --- Totals 111.931% 111.669% 0.262% * Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each ofthe taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above)which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax ratewould decrease by 0.262% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that theRetained Captured Net Tax Capacity of the TIF District would generate is also shown above.Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions,then there is no impact on taxes levied or local tax rates. (1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. (2) The impact on these taxing jurisdictions has not been calculated. They represent 7.99% of the total tax rate.
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