04-10-2013 Council Agenda - Laserfiche WebLink

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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 2010, assuming the request for certification is made before June 30, 2010. 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, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 6, upon completion of the projects within the District, will annually approximate tax increment revenues as shown in the table on the following page. 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 2010. The Project Tax Capacity (PTC) listed is an estimate of values when the projects within the District are completed. Project Estimated Tax Capacity upon Completion (PTC) $31,500 Original Estimated Net Tax Capacity (ONTC) $4,380 Fiscal Disparities Reduction $0 Estimated Captured Tax Capacity (CTC) $27,120 Original Local Tax Rate 0.86596 Pay 2009 Estimated Annual Tax Increment (CTC x Local Tax Rate) $23,485 Percent Retained by the CIty 100% Pursuant to M.S., 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 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 TIF 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 has reviewed the area to be included in the District and determined that no building permits have been issued during the 18 months immediately preceding approval of the TIF Plan by the City. (AS MODIFIED APRIL 10, 2013) The certified original local tax rate for the TIF District is 95.519%, which is the rate for taxes payable in 2010. The estimates utilize the rate for taxes payable in 2013, which is higher, as shown in the following chart, so the higher rate is used for purposes of tax increment projections in the modification. The tax rate for taxes Payable in 2013 will be the actual tax rate used as the base rate for the modified area (the final pay 2013 rate was not available at the time of the modification so the estimated pay 2013 rate was utilized for calculations). City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6 -1 2 -6