Laserfiche WebLink
(AS MODIFIED MARCH 26, 1989) <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Minnesota Statutes, <br />Section 469.177, Subdivision 2, the estimated value of Captured Tax Capacity (CTC) for <br />Phase I of the tax increment financing redevelopment district will annually approximate <br />$295,000 while Phase II is estimated at $236,000. This amount will be captured in phases <br />(see Appendix "E") for up to twenty-five years or until the debt is retired for Phase I and all <br />Phase II costs have been amortized. <br />L. Duration of the District <br />Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, the duration of the tax <br />increment district within the Development District must be indicated within the finance <br />plan. The duration of the tax increment district will be 25 years from the date of receipt of <br />the first tax increment, including any modifications to the finance plan for subsequent <br />phases or other changes. <br />(AS MODIFIED OCTOBER 8, 2012) <br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the <br />duration of the District must be indicated within the TIF Plan. Pursuant to M.S., <br />Section 469.176, Subd. 1b, the duration of the District will be 25 years after <br />receipt of the first increment by the City (a total of 26 years of tax increment). <br />The date of receipt by the City of the first tax increment was 1989. Thus, it is <br />estimated that the District, including any modifications of the TIF Plan for <br />subsequent phases or other changes, would terminate after December 31, 2014, or <br />when the TIF Plan is satisfied. The City reserves the right to decertify the <br />District prior to the legally required date. <br />M. Estimated Impact on Other Taxing Jurisdictions <br />The impact of the use of tax dollars represented as tax increments for project costs is <br />estimated below for each taxing jurisdiction. This estimate is based on the existing <br />development proposals and does not include the possible tax increments derived from any <br />other future development, mill changes, or inflation factors. <br />Total Assessed Value <br />Tax Increment Finance District 1/2/87 Total $ 86,240 <br />Latest Assessed Value of Each Government Body: <br />% or District to Total <br />Ramsey County $3,315892,299 .0026 <br />School District $605,174,784 .0142 <br />City of Mounds View $59,887,551 .1440 <br />Considering all the districts, it can be seen from the above that the school and county <br />City of Mounds View TIF District No. 3 Modification 81 P a g c <br />