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09-06-2022 Council Work Session Packet
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09-06-2022 Council Work Session Packet
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12/12/2022 6:50:26 PM
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City Council
Council Document Type
Council Packet
Meeting Date
09/06/2022
Council Meeting Type
Work Session Regular
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Exhibit IV <br />Estimated Impact on Other Taxing Jurisdictions Report <br />City of Lino Lakes, Minnesota <br />Tax Increment Financing (Economic Development) District No. 1-14 <br />Clearwater Creek Business Park Project <br />Draft TIF Plan Exhibits: 451,000 SF 3 Bldgs valued at $70/SF <br />Without <br />Project or TIF District With Project and TIF District <br />Projected <br />Hypothetical <br />2021/2022 2021/2022 Retained New Hypothetical Hypothetical <br />Tax Generated <br />Taxable 2021/2022 Taxable Captured Taxable Adjusted Decrease In <br />by Retained <br />Taxing <br />Net Tax Local Net Tax Net Tax Net Tax Local Local <br />Captured <br />Jurisdiction <br />Capacity (1) Tax Rate Capacity (1) + Capacity = Capacity Tax Rate (*) Tax Rate (*) <br />N.T.C. (*) <br />City of Lino Lakes <br />29,439,929 40.154% 29,439,929 $415,295 29,855,224 39.595% 0.559% <br />164,438 <br />Anoka County <br />482,873,486 29.605% 482,873,486 415,295 483,288,781 29.580% 0.025% <br />122,843 <br />ISD # 12 <br />47,053,418 31.074% 47,053,418 415,295 47,468,713 30.802% 0.272% <br />127,920 <br />Other (2) <br />--- 4.273% --- 415,295 --- 4.273% --- <br />--- <br />Totals <br />105.106% 104.250% 0.856% <br />" Statement 1: <br />If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each of <br />the taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above) <br />which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax rate <br />would decrease by 0.856% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that the <br />Retained Captured Net Tax Capacity of the TIF District would generate is also shown above. <br />Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions, <br />then there is no impact on taxes levied or local tax rates. <br />(1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. <br />(2) The impact on these taxing jurisdictions is negligible since they represent only 4.07% of the total tax rate. <br />
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