11-13-2002 Council Agenda - Laserfiche WebLink

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Subsection 3 -14. County Road Costs Pursuant to AVLS., Section 469.175, S'ubd la, the county board may require the EDA or City to pay for all or part of the cost of county road improvements if the proposed development to be assisted by tax increment will, in the judgement of the county, substantially increase the use of county roads requiring construction of road improvements or other road costs and if the road improvements are not scheduled within the next five years wider 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 EDA or City within forty - five days of receipt of this Plan. In the opinion of the EDA and City and consultants, the proposed development outlined in this Plan will have little or no impact upon county roads, therefore the TIF Plan was not forwarded to the county 45 days prior to the public hearing. The EDA and City are aware that the county could claim that tax increment should be used for county roads, even after the public hearing. Subsection 3 -15. 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: IMPACT ON TAX BASE Ramsey County City of Little Canada Roseville ISD No. 623 2001/2002 Total Net Tax Capacity 266,595,503 5,662,648 36,450,230 Estimated Captured Tax Capacity (CTC) Upon Completion 110,333 110,333 110,333 Percent of CTC to Entity Total 0.0414% 1.9484% 0.3027% IMPACT ON TAX RATES Ramsey County City of Little Canada Roseville ISD No. 623 Other 'total 2001/2002 Extension Rates 0.553660 0.296940 0.100190 0.060630 1.01 1420 Percent of Total 54.74% 29.36% 9.91% 5.99% 100.00% Potential CTC Taxes 110,333 61,087 110,333 32,762 110,333 11,054 110.333 6,689 111,593 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the actual 2001 /Pay 2002 rate. The total net capacity for the entities listed above are based on actual Pay 2002 figures. The District will be certified under the actual 2002/Pay 2003 rates, which were unavailable at the time this TIP Plan was prepared. Economic Development Authority of Mc City of Little Canada ra, Inc t ncnl Financing Plan f<rr "ray Incremcm Pinmming Dislric, No. 3-3 3 "9