2012 Planning Commission Packets

Home Browse Search

would terminate after December 31, 2015, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. M. Estimated Impact on Other Taxing Jurisdictions The impact of the loss of tax dollars represented as tax increments is estimated below for each taxing jurisdiction. This estimate is based on the existing redevelopment proposals and does not include the possible tax increments derived from any other future development, mill changes, or inflation factors. Total Assessed Value Tax Increment Finance District 1/2/87 Total $710,000 Latest Assessed Value of Each Government Body: % of District to Total Ramsey County $3,315,892,299 .0021 School district #621 $605,174,784 .1170 City ofMoundsview $59,887,551 1.1860 Considering all the districts, it can be seen from the above that the school and county districts will have over 99% of each respective district available for normal growth of tax base or valuation. Applying the percentage of the total mill rate estimate in 1988 levied by each taxing jurisdiction to the projected mill rate and the estimated tax increment received reveals the annual loss of tax dollars by each taxing jurisdiction as listed in the table below ASSUMING DEVELOPMENT WOULD OCCUR WITHOUT PUBLIC ASSISTANCE. The finance plan indicates an anticipated tax increment at build out as follows: Captured Assessed Tax Increment Valuation Received Tax Increment Finance District $1,447,000 $169,300 Based on an estimated mill rate, the estimated taxes received would be as follows for the taxing bodies: City of Mounds View TIF District No. 2 Modification 9 1 P a g e Mills Percent Tax Increment City 16.742 14.3% $24.210 County 33.730 28.8 48,758 School District 59.076 50.5 85,496 Other7.378 6_4 10.836 Total 116.926 100.00% $169,300 City of Mounds View TIF District No. 2 Modification 9 1 P a g e