04-10-2013 Council Agenda - Laserfiche WebLink

Home Browse Search

Project Estimated Tax Capacity upon Completion (PTC) $72,380 Original Estimated Net Tax Capacity (ONTC) $4,380 Estimated Captured Tax Capacity (CTC) $68,000 Original Local Tax Rate 95.52% Pay 2010 Estimated Annual Tax Increment (CTC x Local Tax Rate) $64,953 Percent Retained by the City 100% *Tax capacity includes a 2.00% inflation factor for the duration of the District. The tax capacity included in this chart is the estimated tax capacity of the project in year 2040. The tax capacity of the project in year one is estimated to be $22,500. Project Estimated Tax Capacity upon Completion (PTC) $36,190 Original Estimated Net Tax Capacity (ONTC) $3,666 Estimated Captured Tax Capacity (CTC) $32,524 Original Local Tax Rate 122.732% Est. Pay 2013 Estimated Annual Tax Increment (CTC x Local Tax Rate) $39,917 Percent Retained by the City 100% *Tax capacity includes a 2.00% inflation factor for the duration of the District. The tax capacity included in this chart is the estimated tax capacity of the project in year 2040. The tax capacity of the project in year one is estimated to be $11,250. The City has reviewed the expanded 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. Subsection 2 -9. Sources of Revenue /Bonds to be issued The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The City reserves the right to incur bonds or other indebtedness as a result of the TIF Plan. As presently proposed, the projects within the District will be financed by a pay -as- you -go note /interfund loan /transfer. Additional indebtedness may be required to finance other authorized activities. The total principal amount of notes, or other indebtedness related to the use of tax increment financing will not exceed $235,000 without a modification to the TIF Plan pursuant to applicable statutory requirements. It is estimated that $220,000 in interfund loans will be financed with tax increment revenues. It is estimated that $8,000 in transfers will be financed with tax increment revenues. Any refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The City may also finance the ac- tivities to be undertaken pursuant to the TIF Plan through loans from funds of the City or to reimburse the developer on a "pay -as- you -go" basis for eligible costs paid for by a developer. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6-1 2.7