2012 Planning Commission Packets

Home Browse Search

1. Confirmed 4.051 tax capacity rate referendum. A tax capacity rate of 87.595 may be used to estimate tax increment, if the fiscal consultant determines the project is eligible. 2. A frozen original tax capacity rate is not applicable to pre -May 1, 1988 districts since the district was approved in February of 1988 and certified prior to May 1, 1988. * Payable 1990 not available as of 1/25/90 The following table represents the additional mills that would have to be levied to compensate for the loss of tax dollars in estimated tax increments for each taxing jurisdiction. The tax increments derived from the redevelopment project alluded to in the tax increment district would not be available to any of the taxing jurisdictions were it not for public intervention by the City. Although the increases in tax capacity value due to development will not be available for the application of the tax capacity rate for the duration of the tax increment financing district, this new tax capacity value could eventually permit a tax capacity rate decrease. If it could be assumed that the captured tax capacity value was available for each taxing jurisdiction, the non -receipt of tax dollars represented as tax increments may be determined. This determination is facilitated by estimating Trow much the tax capacity rate for properly outside of the tax increment financing district would have to be increased to raise the same amount of tax dollars in each taxing jurisdiction that would be available if the projects occurred WITHOUT THE ASSISTANCE OF THE CITY. Adjusted Tax' Required Tax Without F.D. Modification Tax Entity Tax Capacity Rate Percent Increment 52,110 City 10.621 11.58 52,110 County 28.380 30.97 139,365 School District 46.168' 50.37 226,665 Other 6.477 7.08 31,860 TOTAL 91.6462 100.00% $450,000 1. Confirmed 4.051 tax capacity rate referendum. A tax capacity rate of 87.595 may be used to estimate tax increment, if the fiscal consultant determines the project is eligible. 2. A frozen original tax capacity rate is not applicable to pre -May 1, 1988 districts since the district was approved in February of 1988 and certified prior to May 1, 1988. * Payable 1990 not available as of 1/25/90 The following table represents the additional mills that would have to be levied to compensate for the loss of tax dollars in estimated tax increments for each taxing jurisdiction. The tax increments derived from the redevelopment project alluded to in the tax increment district would not be available to any of the taxing jurisdictions were it not for public intervention by the City. Although the increases in tax capacity value due to development will not be available for the application of the tax capacity rate for the duration of the tax increment financing district, this new tax capacity value could eventually permit a tax capacity rate decrease. If it could be assumed that the captured tax capacity value was available for each taxing jurisdiction, the non -receipt of tax dollars represented as tax increments may be determined. This determination is facilitated by estimating Trow much the tax capacity rate for properly outside of the tax increment financing district would have to be increased to raise the same amount of tax dollars in each taxing jurisdiction that would be available if the projects occurred WITHOUT THE ASSISTANCE OF THE CITY. Adjusted Tax' Required Tax Without F.D. Capacity Value Capacity Rate Contributions City 7,280,127 .7157 52,110 County 404,512,706 .0344 139,365 School District 73,805,169 .0371 226,665 t Tax Increment District Tax Capacity Value Subtracted N. Modifications of the Tax Increment Financing District In accordance with Minnesota Statutes, Section 273.74, Subdivision 4, any reduction or City of Mounds View TIF District No. I Modification 18 1 P a g e