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CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />Office of: <br />JOSEPH G. CHLEBECK, Clerk <br />515 Little Canada Road <br />Little Canada, Minn. 55117 <br />484-2177 <br />HAND — DELIVERED <br />July 26, 1988 <br />Dr. Roger Worner <br />Superintendent of Roseville Schools <br />Roseville School District 623 <br />1251 W. Co. Rd. B2 <br />Roseville, MN 55113 <br />Dear Supt. Worner: <br />MAYOR <br />Micheel Fahey <br />The City of Little Canada proposes to establish a Tax <br />Increment Financing District to be known as Tax Increment <br />Financing District No. 2. The District will be a ten year <br />Economic Development District. The District will contain <br />two contiguous parcels each with office warehouse projects. <br />In compliance with Minnesota Statutes 469.175 Subd. 1 <br />attached are economic impact statements for each respective <br />project. The Little Canada City Council will hold a public <br />hearing on August 24, 1988 at 7:30 p.m. in the Council <br />Chambers to obtain citizen views and input on the proposed <br />projects. You are invited to attend the public hearing to <br />express your views. If you have any questions with the <br />estimated economic impact statements, please call our <br />office. <br />The taxing jurisdictions within which the District is <br />located will continue to receive taxes as if no new <br />development were to occur with the current assessed <br />valuation neither increasing nor decreasing. The City will <br />receive all taxes derived from the increased assessed <br />valuation above the frozen base. This precludes the <br />jurisdictions from receiving tax, increases due to the <br />Project, inflation or other development of the taxable <br />property in the District. The County has yet to determine <br />the amount of the annual economic adjustment factor that <br />will be applied to this District. This could result in a <br />slight reduction in the increment that the City would <br />collect and increase annually the other taxing <br />jurisdictions share. <br />The assessed value of the taxable property within the <br />District will be frozen at its original assessed value <br />PAGE -5- <br />COUNCIL <br />Beverly Scalze <br />Bill Blesener <br />Rick Collova <br />Jim leVelle <br />