Resolution 6745 - Laserfiche WebLink

Home Browse Search

• (As Modified February 13, 2006) Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to the Special Legislation, Subd. 2(b), the duration of the District will be 25 years after receipt of the first increment by the EDA or City. The date of receipt by the City of the first tax increment is expected to be 2008. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2033, or when the TIF Plan is satisfied. The EDA or City reserves the right to decertify the District prior to the legally required date. Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated, Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements Pursuant to M. S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd 1, the Original Net Tax Capacity (ONTC) as certified for the District will be based on the market values placed on the property by the assessor at the time the property is classified as taxable. Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in the payment year 2007) the amount by which the original value has increased or decreased as a result of: 1. Change in tax exempt status of property; 2. Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court-ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. • In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the EDA or City. The original local tax rate for the District will be the local tax rate for taxes payable 2006, assuming the request for certification is made before June 30, 2006. The ONTC and the Original Local Tax Rate for the District appear in the table below. Pursuant to M.S, Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within the Mounds View Economic Development Project, upon completion of the project, will annually approximate tax increment revenues as shown in the table below. The EDA and Ciiy request 100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year payable 2007. -The Project Tax Capacity (PTC) listed is an estimate of values when the project is completed. • Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-4