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06-24-2019 Council Packet
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06-24-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 6 <br /> <br /> <br /> (2) reductions or enlargements of the geographic area of the TIF District; <br /> <br /> (3) changes due to stipulation agreements or abatements; or <br /> <br /> (4) changes in property classification rates. <br /> <br /> <br />Section O Original Tax Capacity Rate <br /> <br />The County Auditor shall also certify the original tax capacity rate of the TIF District. This rate shall be the sum of all <br />local tax rates that apply to property in the TIF District. This rate shall be for the same taxes payable year as the <br />original net tax capacity. <br /> <br />In future years, the amount of tax increment generated by the TIF District will be calculated using the lesser of (a) the <br />sum of the current local tax rates at that time or (b) the original tax capacity rate of the TIF District. <br /> <br />The sum of all local tax rates that apply to property in the TIF District, for taxes levied in 2019 and payable in 2020, is <br />not available at the time off drafting of this document. The County Auditor shall certify the amount for taxes payable <br />2020 as the original tax capacity rate of the TIF District once available assuming the request for certification is made <br />between July 1, 2019 and June 30, 2020. For purposes of estimating the tax increment generated by the TIF District, <br />the sum of the local tax rates for taxes levied in 2018 and payable in 2019, is 117.574% as shown below. <br /> <br /> 2018/2019 <br /> Taxing Jurisdiction Local Tax Rate <br /> <br /> City of Lino Lakes 41.817% <br /> Anoka County 34.473% <br /> ISD #12 35.984% <br /> Other 5.300% <br /> <br /> Total 117.574% <br /> <br /> <br />Section P Projected Retained Captured Net Tax Capacity and <br /> Projected Tax Increment <br /> <br />The Authority anticipates that the project will begin construction in fall 2019 and be 100% completed by December <br />31, 2020, creating a total tax capacity for TIF District No. 1-13 of $362,388 as of January 2, 2021. The captured tax <br />capacity as of that date is estimated to be $351,033 and the first year of tax increment is estimated to be $390,675 <br />payable in 2019. A complete schedule of estimated tax increment from the TIF District is shown in Exhibit III. <br /> <br />The estimates shown in this TIF plan assume that residential rental class rates remain at 1.25% of the estimated <br />taxable value and include 0% annual increases in market values. <br /> <br />Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the <br />extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax <br />capacity of the TIF District. <br /> <br />The County Auditor shall certify to the City the amount of captured net tax capacity each year. The City may choose <br />to retain any or all of this amount. It is the City's intention to retain 100% of the captured net tax capacity of the TIF <br />District. Such amount shall be known as the retained captured net tax capacity of the TIF District. <br />
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