08-11-2003 EDA Packet - Laserfiche WebLink

Home Search

City of Lino Lakes, Minnesota (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Section 0 Original Tax Capacity Rate The County Auditor shall also certify the original tax capacity rate of the TIF District. This rate shall be the sum of all local tax rates that apply to property in the TIFistrict. This rate shall be for the same taxes payable year as the original net tax capacity. In future years, the amount of tax increment generated by the 'i F District will be calculated using the lesser of (a) the sum of the current local tax ratesgathat time or (b) the original tax capacity rate of the TIF District. At the time this document was prepared, the sum of atilt cal tax rates thaapply to property in the TIF District, for taxes levied in 2003 and payable in2004, was not yet available. When this total- becomes available, the County Auditor shall certify this amount as the ongtnal tax capacity rate of the TIF District. For purposes of estimating the talk rement generated by the TIF District, the sum of the local tax rates for taxes lev wire 200nd payable in 2003, is 129.834% as. shown below. Taxing Jurisdiction City of Lin, Anoka C ISD Oth Total !002/2003 Local Tax Rate 47.603% 37.714% 37.467% 7.050% 129.834% Section - Projected,Retaine Captured Net Tax Capacity and Projected`Tax Incr rent Each year the County Auditorshall determine the current net tax capacity of all property in the TIF District o the extent that this total exceeds the original net tax capacity, the difference shall be known;as the capt net tax capacity of the TIF District. For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F and Chapter 276A, theffikonginal net tax capacity of the TIF District shall be determined before the application of fiscal disparity. In subsequent years, the current net tax capacity shall exclude the product of any fiscal disparity increase in the TIF District (since the original net tax capacity was certified) times the appropriate fiscal disparity ratio. The County Auditor shall certify to the Authority the amount of captured net tax capacity each year. The Authority may choose to retain any or all of this amount. It is the Authority's intention to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known as the retained captured net tax capacity of the TIF District. SPRI NGSTED Page 8