07-09-2002 Council Agenda - Laserfiche WebLink

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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 M.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 M.S., 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, 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 found no building permits that were issued during the 18 months immediately preceding approval of the Plan by the City. Subsection 3 -9. Sources of Revenue /Bonded Indebtedness Public improvement costs, acquisition, relocation, utilities, parking facilities, streets and sidewalks, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The EDA or City reserves the right to use other sources of revenue legally am plicable to the EDA or City and the TIF Plan, including, but not limited to, special assessments, general property taxes, state aid for road maintenance and construction, proceeds from the sale of land, other contributions from the developer and investment income, to pay for the estimated public costs. The EDA or City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TIF Plan. As presently proposed, the project will be financed by a combination of a pay -as- you -go note /interfund loan /transfer. Additional indebtedness may be required to finance other authorized activities. The total principal amount of bonded indebtedness or other indebtedness related to the use of tax increment financing will not exceed $2,000,000 without a modification to the TIF Plan pursuant to applicable statutory requirements. This provision does not obligate the EDA or City to incur debt. The EDA or City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The EDA or City may also finance the activities to be undertaken pursuant to the TIF Plan through loans from funds of the EDA or City or to reimburse the developer on a "pay -as- you -go" basis for eligible costs paid for by a developer. The estimated sources of funds for the District are contained in the table on the next page. Economic Development Authority of the City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 3 -3 3-4