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The following table represents the additional mills that would have to be levied to
<br />compensate for the loss of tax dollars in estimated tax increments for each taxing
<br />jurisdiction. The tax increments derived from the development alluded to in the tax
<br />increment district would not be available to any of the taxing jurisdictions were it not for
<br />public intervention by the City. Although the increases in assessed value due to
<br />development will not be available for the application of the mill levy for the duration of the
<br />tax increment financing district, this new assessed value could eventually permit a mill levy
<br />decrease. If it could be assumed that the captured assessed value was available for each
<br />taxing jurisdiction, the non -receipt of tax dollars represented as tax increments may be
<br />determined. This determination is facilitated by estimating how much the mill levy for
<br />property outside of the tax increment financing district would have to be increased to raise
<br />the same amount of tax dollars in each taxing jurisdiction that would be available if the
<br />projects occurred WITHOUT THE ASSISTANCE OF THE CITY.
<br />*Tax Increment District assessed valuation subtracted
<br />N. Modifications of the Tax Increment Financing District
<br />In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or
<br />enlargement of the geographic area of the project or tax increment financing district,
<br />increase in amount of bonded indebtedness to be incurred, including a determination or
<br />capitalize interest on debt if that determination was not a part of the original plan, or to
<br />increase or decrease the amount of interest on the debt to be capitalized, increase in the
<br />portion of the captured assessed value to be retained by the City, increase in total estimated
<br />tax increment expenditures or designation of additional property to be acquired by the
<br />authority shall be approved upon the notice and after the discussion, public hearing and
<br />findings required for approval of the original plan. The geographic area of a tax increment
<br />financing district may be reduced, but shall not be enlarged after five years following the
<br />date of certification of the original assessed value by the county auditor. The tax increment
<br />financing redevelopment district may therefore be expanded until 1993.
<br />O. Limitation on Administrative Expenses
<br />In accordance with Minnesota Statutes, Section 469.174, Subdivision 14 and Minnesota
<br />Statutes, Section 469.174, Subdivision 3, administrative expenses means all expenditures of
<br />an authority other than amounts paid for the purchase of land or amounts paid to
<br />contractors or others providing materials and services, including architectural and
<br />engineering set -vices, directly connected with the physical development of the real property
<br />in the district, relocation benefits paid to or services provided for persons residing or
<br />businesses located in the district or amounts used to pay interest on, fiord a reserve for, or
<br />City of Mounds View TIF District No. 2 Modification 10 1 P a g e
<br />Adiusted* Assessed
<br />Required Mills
<br />Without F.D.
<br />Value
<br />Contribution
<br />School District
<br />$604,464,784
<br />.141
<br />85,496
<br />County
<br />$3,315,182,299
<br />.015
<br />48,758
<br />City
<br />$59,177,551
<br />.409
<br />24,210
<br />*Tax Increment District assessed valuation subtracted
<br />N. Modifications of the Tax Increment Financing District
<br />In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or
<br />enlargement of the geographic area of the project or tax increment financing district,
<br />increase in amount of bonded indebtedness to be incurred, including a determination or
<br />capitalize interest on debt if that determination was not a part of the original plan, or to
<br />increase or decrease the amount of interest on the debt to be capitalized, increase in the
<br />portion of the captured assessed value to be retained by the City, increase in total estimated
<br />tax increment expenditures or designation of additional property to be acquired by the
<br />authority shall be approved upon the notice and after the discussion, public hearing and
<br />findings required for approval of the original plan. The geographic area of a tax increment
<br />financing district may be reduced, but shall not be enlarged after five years following the
<br />date of certification of the original assessed value by the county auditor. The tax increment
<br />financing redevelopment district may therefore be expanded until 1993.
<br />O. Limitation on Administrative Expenses
<br />In accordance with Minnesota Statutes, Section 469.174, Subdivision 14 and Minnesota
<br />Statutes, Section 469.174, Subdivision 3, administrative expenses means all expenditures of
<br />an authority other than amounts paid for the purchase of land or amounts paid to
<br />contractors or others providing materials and services, including architectural and
<br />engineering set -vices, directly connected with the physical development of the real property
<br />in the district, relocation benefits paid to or services provided for persons residing or
<br />businesses located in the district or amounts used to pay interest on, fiord a reserve for, or
<br />City of Mounds View TIF District No. 2 Modification 10 1 P a g e
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