11-13-2002 Council Agenda - Laserfiche WebLink

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the Plan is satisfied. If increment is received in 2004, the term of the District will be 2029. The EDA or City reserves the right to decertify the District prior to the legally required date. Subsection 3 -8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value /Increment and Notification of Prior Planned Improvements Pursuant to MS., Section 469.174, Subd. 7cndMS., Section 469.177, Subd 1, the Original Net Tax Capacity (ONTC) as certified for the District will be based on the market values placed on the property by the assessor in 2001 for taxes payable 2002. Pursuant to MS., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in the payment year 2003) the amount by which the original value has increased or decreased as a result of: 1. Change in tax exempt status of property; 2. 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. hn any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the EDA or City. The original local tax rate for the District will be the local tax rate for taxes payable 2003, assuming the request for certification is made before June 30, 2003. The ONTC and the Original Local Tax Rate for the District appear in the table below. Pursuant to Pi.S, Section 469.174 Subd. 4 and MS., Section 469.177, Subd 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Redevelopment Project Area No. 1, upon completion of the project, will annually approximate tax increment revenues as shown in the table below. The EDA and City request 100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year payable 2005. The Project Tax Capacity (PTC) listed is an estimate of values when the project is completed. Project Estimated Tax Capacity upon Completion (PTC) 143,988 Original Estimated Net Tax Capacity(ONTC) 33,655 Estimated Captured Tax Capacity (CTC) 110,333 Original Local Tax Rate 1.01142 Pay 2002 Estimated Annual Tax Increment(CTC x Local Tax Rate) 111,593 Percent Retained by the EDA 100% Pursuant to tv.S., Section 469.177, ,Subd. 4, the EDA 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 MS., Section 469.175, 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 Plan by the municipality pursuant to M.S., Section 469.175, Subcf. 3. The County Auditor shall increase the Econk Devel opm cut Authority of the Cily of Liu le Canada 'lox Increment rinan Plan for "rnrc Lmremmtt PinaneinE Dietriei No. 3.3