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districts will have over 99% of each respective district available for normal growth of tax <br />base or valuation. Applying the percentage of the total mill rate estimate in 1988 levied by <br />each taxing jurisdiction to the project3ed mill rate and the estimated tax increment received <br />reveals the annual loss of tax dollars by each taxing jurisdiction as listed in the table below <br />ASSUMING DEVELOPMENT WOULD OCCUR WITHOUT PUBLIC ASSISTANCE. <br />The finance plan indicates an anticipated tax increment at build out as follows: <br />Tax Increment Finance District ##3 <br />Captured Tax Increment <br />Assessed Received <br />Valuation <br />$5,068,376 $593,000 <br />Based on an estimated mill rate, the estimated taxes received would be as follows <br />for the taxing bodies: <br />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 <br />not for public intervention by the City. Although the increases in assessed value due <br />to development will not be available for the application of the mill levy for the <br />duration of the tax increment financing district, this new assessed value could <br />eventually permit a mill levy decrease. If it could be assumed that the captured <br />assessed value was available for each taxing jurisdiction, the non -receipt of tax <br />dollars represented as tax increments may be determined. This determination is <br />facilitated by estimating how much the mill levy for property outside of the tax <br />increment financing district would have to be increased to raise the same amount of <br />tax dollars in each taxing jurisdiction that would be available if the projects <br />occurred WITHOUT THE ASSISTANCE OF THE CITY. <br />Mills <br />Percent <br />Tax Increment <br />City <br />16.742 <br />14.3 <br />84,799 <br />County <br />33.730 <br />28.8 <br />170,784 <br />School District <br />59.076 <br />50.5 <br />299,465 <br />Other <br />7.378 <br />6_4 <br />37.952 <br />Total <br />116.926 <br />100.00 <br />593,000 <br />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 <br />not for public intervention by the City. Although the increases in assessed value due <br />to development will not be available for the application of the mill levy for the <br />duration of the tax increment financing district, this new assessed value could <br />eventually permit a mill levy decrease. If it could be assumed that the captured <br />assessed value was available for each taxing jurisdiction, the non -receipt of tax <br />dollars represented as tax increments may be determined. This determination is <br />facilitated by estimating how much the mill levy for property outside of the tax <br />increment financing district would have to be increased to raise the same amount of <br />tax dollars in each taxing jurisdiction that would be available if the projects <br />occurred WITHOUT THE ASSISTANCE OF THE CITY. <br />*Tax Increment District assessed valuation subtracted. <br />City of Mounds View TIF District No. 3 Modification 91 P a g c <br />Adjusted*Assessed <br />Required <br />Without F.D. <br />Value <br />Mills <br />Contribution <br />School District <br />$604,464,784 <br />.495 <br />299,465 <br />County <br />$3,315,182,299 <br />.052 <br />170,784 <br />City <br />$59,177,551 <br />1.432 <br />84,799 <br />*Tax Increment District assessed valuation subtracted. <br />City of Mounds View TIF District No. 3 Modification 91 P a g c <br />