07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

receipt by the City of the first tax increment is expected to be 2005. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2020, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. Subsection 2 -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. land MS., 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 2002 for taxes payable 2003. 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. In 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 City. The original local tax rate for the District will be the local tax rate for taxes payable 2004, assuming the request for certification is made before June 30, 2004. The ONTC and the Original Local Tax Rate for the District appear in the table below. Pursuant to MS., Section 469.174 Subd. 4 and MS., Section 469.177, Subct. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 2, upon completion of the redevelopment, will annually approximate tax increment revenues as shown in the table below. 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 2005. The Project Tax Capacity (PTC) listed is an estimate of values when the project is completed. Project Estimated Tax Capacity upon Completion (PTC) $218,300 less Original Estimated Net Tax Capacity(ONTC) $55,250 less Fiscal Disparities Contribution $72,970 Estimated Captured Tax Capacity (CTC) $90,080 Original Local Tax Rate 1.13565 Pay 2003 Estimated Annual Tax Increment(CTC x Local Tax Rate) $102,299 Percent Retained by the City 100% Pursuant to MS., Section 469.177, 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 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 City of Little Canada Tax Increment Finite° g Plat for Tax Increment Financing District No. 2 -2 2 -3