10-10-2007 Council Agenda - Laserfiche WebLink

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improvements or other road costs and if the road improvements are not scheduled within the next five years under a capital improvement plan or within five years under another county plan. If the county elects to use increments to improve county roads, it must notify the City within forty -five days of receipt of this TIF Plan. In the opinion of the City and consultants, the proposed development outlined in this TIF Plan will have little or no impact upon county roads. The City is aware that the county could claim that tax increment should be used for county roads, even after the public hearing. Subsection 2 -14. 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 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: IMPACT ON TAX BASE Ramsey County City of Little Canada Roseville ISD No. 623 2006/Pay 2007 Total Net Tax Capacity 464,400,004 9,476,331 59,932,715 Estimated Captured Tax Capacity (CTC) Upon Completion 571,459 571,459 571,459 Percent of CTC to Entity Total 0.1231% 6.0304% 0.9535% IMPACT ON TAX RATES Pay 2007 Percent Potential Extension Rates of Total CTC Taxes Ramsey County 0.449430 51.46% 571,459 256,831 City of Little Canada 0.211670 24.23% 571,459 120,961 Roseville Area ISD No. 623 0.123720 14.16% 571,459 70,701 Other 0.088610 10.15% 571.459 50,637 Total 0.873430 100.00% 499,129 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the actual Pay 2007 rate. The total net capacity for the entities listed above are based on actual Pay 2007 figures. The District will be certified under the actual Pay 2008 rates, which were unavailable at the time this TIF Plan was prepared. Pursuant to MS. 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 $6,427,200; City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 51 2 -8 _17_