09-23-1992 Council Agenda - Laserfiche WebLink

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the tax increment financing direct proportion to their rates. 4. Amend the TIF District Plan District Plan. E. Duration of the District district is located, in respective tax capacity. and /or City Development It is estimated that the District will remain in existence until September 2117, or until the City's obligation to pay the project expenses has been discharged in accordance with the resolution authorizing the issuance of the debt. In no event will the TIF District exist more than 25 years from the receipt of the first increment, which is expected to be in 1994. it is estimated that the tax increment financing district, including any modifications or changes, will terminate September 2117. F. Election as to Increment The City finds it necessary to receive 1000 of the captured Tax Capacity Value, to produce sufficient tax increments to fund project expenses in least amount of time. G. Fiscal Disparities The City elects the method of tax increment computation set forth in Section 469.177, Subd. 3, Clause a. The contribution ratio of the municipality is not applied to commercial- industrial property inside a tax increment district, but the contribution these properties would otherwise make would be spread on commercial - industrial properties outside the district. Therefore, the total amount of captured tax capacity is available for tax increment debt retirement. H. Estimated Impact on Other Tax Jurisdictions 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 tax capacity valuation neither increasing nor decreasing. The City will receive all taxes derived from the increased tax capacity valuation above the adjusted base. This precludes the jurisdictions from receiving tax increases due to the Project, inflation, other than base inflation, or other development of the taxable property in the District. As Exhibit D indicates, this property 13 Pp 37