07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

Public Utilities $50,000 Installation of Streets and Sidewalks $50,000 Interest $400,000 Administrative Expenses (up to 10 %) $100,000 PROJECT COSTS TOTAL $1,564,000 The above budget is organized according to the Office of State Auditor (OSA) reporting forms. '*Subject to change prior to the public hearing. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. All tax increments from the District are authorized to be used on costs of the City's the District. Pursuant to M.S. Section 469.176, Sztbd 4(c), revenues derived from increments must be spent only to assist the facility directly or for administrative expenses. Subsection 2 -11. Fiscal Disparities Election Pursuant to MS., Section 469.177, Subd. 3, the City may elect one of two methods to calculate fiscal disparities. If the calculations pursuant to MS., Section 469.177, Subd. 3, clause a, (outside the District) are followed, the following method of computation shall apply: (1) The original net tax capacity and the current net tax capacity shall be determined before the application of the fiscal disparity provisions of Chapter 276A or 473F. Where the original net tax capacity is equal to or greater than the current net tax capacity, there is no captured net tax capacity and no tax increment determination. Where the original net tax capacity is less than the current net tax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereofwhich the authority has designated, in its tax increment financing plan, to share with the local taxing districts is the retained captured net tax capacity of the authority. (2) The county auditor shall exclude the retained captured net tax capacity of the authority from the net tax capacity of the local taxing districts in determining local taxing district tax rates. The local tax rates so determined are to be extended against the retained captured net tax capacity of the authority as well as the net tax capacity of the local taxing districts. The tax generated by the extension of the lesser of (A) the local taxing district tax rates or (8) the original local tax rate to the retained captured net fax capacity of the authority is the tax increment of the authority. The City shall submit to the County Auditor at the time of the request for certification which method of computation of fiscal disparities the City elected. The City will choose to calculate fiscal disparities by clause b, meaning that increment will be taken from inside the district. According to MS., Section 469.177, Sttbd. 3: (c) The method of computation of tax increment applied to a district pursuant to paragraph (a) or (b) shall remain the same for the duration of the district, except that the governing body may elect to change its election from the method of computation in paragraph (a) to the method in paragraph (b). City of Litt lc Canada Tax Increment Financing 1'lan for Tax Increment Financing District No. 2 -2 2-5