06-20-11 Council Agenda - Laserfiche WebLink

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(ONTC) as certified for the District will be based on the market values placed on the property by the assessor in 2007 for taxes payable 2008. Pursuant to M.S., Section 469.177, Suhds. / and 2, the County Auditor shall certify in each year (beginning in the payment year 2009) the amount by which die original value has increased or decreased as a result of: Change in tax exempt status of property; 1 Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court - ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. In any year In which the current Net Tax Capacity (NEC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the City. The original local tax rate for the District will be the local tax rate for taxes payable 2008, assuming the request for certification is made before June 30, 2008. The ONTC and the Original Local Tax Rate for the District appear in the table on the tollowing page. Pursuant to MS., Section 469.174 Subct. 4 and M.S. , Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Development District No.5, upon completion of the project, will annually approximate tax increment revenues as shown in the table on the following page. The City requests 100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year payable 2009. The Project Tax Capacity (PTC) listed is an estimate of values when the project is completed. Project Estimated Tax Capacity upon Completion (PTC) 81,045,898 Original Estimated Net Tax Capacity (ONTC) 5123,086 Fiscal Disparities Reduction 8351,353 Estimated Captured Tax Capacity (CTC) 8571,459 Original Local Tax Rate 0.87343 Pay 2007 Estimated Animal Tax Increment (CTC x Local Tax Rate) 5499,129 Percent Retained by the City 100% Pursuant to ILLS., Section 469. /77, Subd. 4, the City shall, after a due and diligent search, accompany its request for certification to the County Auditor or its notice of the District enlargement pursuant to ;41S., Steelton 469. /75, Subd, 4, with a listing of all properties within the District or area of enlargement for which building permits have been issued during the eighteen (18) months immediately preceding approval of the TIP Plan by the municipality pursuant to ILLS., Section 469.175, Subd. 3. The County Auditor shall increase the original net tax capacity of the District by the net tax capacity of improvements for which a building permit was issued. The City of Little Canada has reviewed the area to be included in the District and has determined that a building permit was issued during the 18 months immediately preceding approval of the '1'1F Plan by the City. City or Little Canada Tdx Increnwm Financing Ilan Ibr 'Rix Increment damming District No..i.1 2.4 10