07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

Subsection 2 -12. County Road Costs Pursuant to MS., Section 469.175, Subd. la, the county board may require the 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 under 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 City within forty -five days of receipt of this TIF Plan. In the opinion of the City and consultants, the proposed development outlined in this TIF Plan will have little impact upon county roads, and therefore the TIF Plan was not forwarded to the county 45 days prior to the public hearing. Subsection 2 -13. Estimated Impact on Other Taxing Jurisdictions The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIP Plan would occur without the creation of the District. However, the 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 ISD No. 624 2002/2003 Total Net Tax Capacity 300,841,337 6,305,429 34,724,720 Estimated Captured Tax Capacity (CTC) Upon Completion 90,080 90,080 90,080 Percent of CTC to Entity Total 0.0299% 1.4286% 0.2594% IMPACT ON TAX RATES Estimated 2002/2003 Extension Rates Ramsey County 0.546030 City of Little Canada 0.275410 ISD No. 624 0.229060 Other (Metro & Special) 0.085150 Total 1.135650 Percent of Total CTC 48.08% 24.25% 20.17% 7.50% 100.00% 90,080 90,080 90,080 90.080 Potential Taxes 49,186 24,809 20,634 7.670 102,299 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the actual 2002/Pay 2003 rate. The total net capacity for the entities listed above are based on actual Pay 2003 figures. The District will be certified under the actual 2003/Pay 2004 rates, which were unavailable at the time the TIF Plan was prepared. Subsection 2 -14. Supporting Documentation City of Little Canada Tax increment Financing Plan for'r ncremcnt Financing District No. 2 -2 2 -6