08-24-1988 Council Agenda - Laserfiche WebLink

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CITY OF LITTLE CANADA RAMSEY COUNTY, MINNESOTA Office of: JOSEPH G. CHLEBECK, Clerk 515 Little Canada Road Little Canada, Minn. 55117 484.2177 HAND - DELIVERED July 26, 1988 Mr. Ted Anderson Supervisor, Tax Accounting Ramsey County 138 Court House St. Paul, MN 55102 Dear. Mr. Anderson: The City of Little Canada proposes to establish a Tax Increment Financing District to be known as Tax Increment Financing District No. 2. The District will be a ten year Economic Development District. The District will contain two contiguous parcels each with office warehouse projects. In compliance with Minnesota Statutes 469.175 Subd. 1 attached are economic impact statements for each respective project. The Little Canada City Council will hold a public hearing on August 24, 1988 at 7:30 p.m. in the Council Chambers to obtain citizen views and input on the proposed projects. You are invited to attend the public hearing to express your views. If you have any questions with the estimated economic impact statements, please call our office. The taxing jurisdictions within which the District is located will continue to receive taxes as if no new development were to occur with the current assessed valuation neither increasing nor decreasing. The City will receive all taxes derived from the increased assessed valuation above the frozen base. This precludes the jurisdictions from receiving tar, increases due to the Project, inflation or other development of the taxable property in the District. The County has yet to determine the amount of the annual economic adjustment factor that will be applied to this District. This could result in a slight reduction in the increment that the City would collect and increase annually the other taxing jurisdictions share. The assessed value of the taxable property within the District will be frozen at its original assessed value Page 60 MAYOR Michael Fahey COUNCIL Beverly Scalze Bill Blesener Rick Collova Jim LaValle