Laserfiche WebLink
City of Lino Lakes and Lino Lakes Economic Development Authority <br />1. The total amount of tax increment that will be generated over the life of the district is estimated to <br />be $3,457,300. <br />2. To the extent the facility in the proposed TIF District generates any public cost impacts on city - <br />provided services such as police and fire protection, public infrastructure, and borrowing costs <br />attributable to the district, such costs will be levied upon the taxable net tax capacity of the City, <br />excluding that portion captured by the District. The City does not anticipate issuing tax increment <br />revenue bonds in conjunction with this project but reserves the right to issue bonds as necessary <br />to facilitate development. <br />3. The amount of tax increments over the life of the district that would be attributable to school <br />district levies, assuming the school district's share of the total local tax rate for all taxing <br />jurisdictions remained the same, is estimated to be $1,022,131. <br />4. The amount of tax increments over the life of the district that would be attributable to county <br />levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained <br />the same is estimated to be $973,811. <br />5. No additional information has been requested by the county or school district that would enable it <br />to determine additional costs that will accrue to it due to the development proposed for the <br />district. <br />Section W Prior Planned Improvements <br />The City shall accompany its request for certification to the County Auditor (or notice of district <br />enlargement), with a listing of all properties within the TIF District for which building permits have been <br />issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall <br />increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for <br />which a building permit was issued. <br />There have been no building permits issued in the last 18 months in conjunction with any of the properties <br />within the TIF District. <br />Section X Development Agreements <br />If within a project containing an economic development district, more than 10% of the acreage of the <br />property to be acquired by the City is purchased with tax increment bonds proceeds (to which tax <br />increment from the property is pledged), then prior to such acquisition, the City must enter into an <br />agreement for the development of the property. Such agreement must provide recourse for the City <br />should the development not be completed. <br />The City anticipates entering into an agreement with the Developer relating to the project. <br />Section Y Assessment Agreements <br />The City may, upon entering into a development agreement, also enter into an assessment agreement <br />with the developer, which establishes a minimum market value of the land and improvements for each <br />year during the life of the TIF District. <br />The assessment agreement shall be presented to the County or City Assessor who shall review the plans <br />and specifications for the improvements to t5nstructff <br />view the market value previously assigned <br />Baker Tilly Municipal Advisors, LLC Page 12 <br />