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J. Original Assessed Value <br />Pursuant to Minnesota Statutes, Section 273.74, Subdivision 1 and Section 273.76, <br />Subdivision 1, the Original Assessed Value (OAV) for the City of Mounds View tax <br />increment financing redevelopment district is based on the value placed on the property by <br />the County Assessor in 1985.* This assessed value is $2,416,086. Each year the Office of <br />the County Auditor will measure the amount of increase or decrease in the total assessed <br />value of the tax increment redevelopment district to calculate the tax increment payable to <br />the Mounds View redevelopment district fund. In any year in which there is an increase in <br />total assessed valuation in the tax increment redevelopment district above the adjusted <br />original assessed value, a tax increment will be payable. In any year in which the total <br />assessed valuation in the tax increment financing redevelopment district declines below the <br />original assessed valuation, no assessed valuation will be captured and no tax increment <br />will be payable. <br />The County Auditor shall certify in each year after the date the Original Assessed Value <br />was certified, the amount the OAV has increased or decreased as a result of: <br />change in tax exempt status of property; <br />reduction or enlargement of the geographic boundaries of the district; <br />change due to stipulations, adjustments, negotiated or court-ordered abatements. <br />*(The figures contained herein are based upon 1985 payable 1986 original assessed <br />values). <br />(AS MODIFIED JUNE 12, 1989) <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section 467.177, <br />Subdivision 1, the Original Tax Capacity Value (OTV) for the City of Mounds View tax <br />increment financing redevelopment district Modification No. I is based on the value placed <br />on the property by the County Assessor in 1988. This tax capacity value is $26,154. Each <br />year the Office of the County Auditor will measure the amount of increase or decrease in <br />the total assessed value of the tax increment redevelopment district to calculate the tax <br />increment payable to the Mounds View redevelopment district fund. In any year in which <br />there is an increase in total assessed valuation in the tax increment redevelopment district <br />above the adjusted original assessed value, a tax increment will be payable. In any year in <br />which the total assessed valuation in the tax increment financing redevelopment district <br />declines below the original assessed valuation, no assessed valuation will be captured and <br />no tax increment will be payable. <br />Effective with requests for certification for new districts filed after May 1, 1988, the <br />County Auditor is to certify the original tax capacity rate as well as the original tax capacity <br />for the base year of anew district. This provision does not apply for districts established on <br />or before May 1, 1988 or to the expanded portion of such districts even if the expansion is <br />City of Mounds View TIP District No. I Modification 11 111 a e e <br />