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• • • City of Lino Lakes, Minnesota (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 TIF District. 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 TIF District will be calculated using the lesser of (a) the sum of the current local tax rates at that time or (b) the original tax capacity rate of the TIF District. increment generated by thc TIF District, thc cum of thc local tax rates for taxes levied in 2002 and payable in 2003, is 129.834% as shown below. Taxing Jurisdiction City of I ino I akec Anoka County ISD No. 12 9ther Total 2002/2003 Local Tax Rate 4;,603% 37.71/1% 37.67% 7.0504 129.83/1% The sum of the local tax rates for taxes levied in 2003 and payable in 2004 is 120.530% and has previously been certified as the original tax capacity rate of the TIF District. This is the 'frozen' rate of the district. Should the sum of current local tax capacity rates be greater than 120.530 %, the district is limited to the captured amount of increment based on the frozen rate. Any additional amounts are generated as excess increment and retained by the County. Section P Projected Retained Captured Net Tax Capacity and Projected Tax Increment Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District, For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F and Chapter 276A, the original 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. Exhibit II gives a listing of the various information and assumptions used in preparing a number of the exhibits contained in this TIF Plan, including Exhibit 111 which shows the projected tax increment generated over the anticipated life of the TIF District. SPRINGSTED Page 8 P47