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LOU MCKENNA <br />Director <br />ROGER VIK <br />Asst. Director <br />DEPARTMENT OF <br />TAXATION AND RECORDS ADMINISTRATION <br />COUNTY OF RAMSEY <br />113 -138 COURT HOUSE <br />ST. PAUL, MINNESOTA 55102 <br />July 2, 1987 <br />MEMORANDUM <br />RELATING TO PLANNED TAX INCREMENT DISTRICT <br />IN THE CITY OF LITTLE CANADA <br />DIVISION MANAGERS <br />RICHARD O. WARD <br />Property Valuation <br />LEONARD F. OLSON <br />Revenue <br />C. THOMAS OSTHOFF <br />PEGGY RECTOR <br />Records <br />JOHN C. McLAUGHLIN <br />Abstract. Title <br />and Ownership <br />On Monday, June 22, 1987, Dan Wilson of Northwest Associated Consultants <br />was in the Department to get valuation information for the formation <br />of a new economic Tax Increment District in the City of Little Canada. <br />A 1982 law provides for the computation of an economic adjustment factor <br />to be calculated for all economic Tax Increment Districts formed after <br />June 30, 1982. <br />One of the essentials needed to compute the economic adjustment factor <br />is the assessed valuation of the parcels involved in the district five <br />years preceeding the base year. In this case, the base year is 1986 <br />payable in 1987, which makes the fifth preceeding year 1981 payable <br />in 1982. Because of complications involving divisions, the current <br />time element and the fact that all the parcels with the exception of <br />one were non - improved land; it was decided to talk with Dick Ward, <br />Ramsey County Assessor, to see if he could help in determining the <br />fifth year preceeding assessed valuation of the district. <br />After a discussion, an agreement was reached to use an estimated <br />assessed value figure for the fifth preceeding year's valuation. <br />Using an estimated assessed value figure of $65,600 for 1981 payable <br />1982, the economic adjustment factor was determined to be 1.013. The <br />following is a statement by Dick Ward as to how the estimate was made: <br />DICK WARD'S STATEMENT <br />It was agreed that the assessed valuation for 1981 payable in 1982 <br />would be estimated at 565,600. The valuation of vacant land for the <br />last several years has been calculated using a statistical model based <br />on market data, specifically, sales information supplied on Certificates <br />Est to Value. <br />6144- Yv%7 <br />Theodore B. Anderson, Supvr. <br />Tax Accounting Section <br />,d1/7?igt/,vz.e <br />Richard D. Ward <br />Ramsey County Assessor <br />cc: /Dan Wilson Page 73 <br />Northwest Associated Consultants <br />.,arrn.. iol <br />