2012 Planning Commission Packets

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Based on the current tax capacity rate, the estimated taxes received would be as follows for the taxing bodies: Entily Tax Capacity Rate Percent Phase I Tax Increment Capacity Rat Contributions City 10.621 11.58 29,922 County 28.380 30.97 80,026 School District 46.168' 50.37 130,156 Other 6.477 7.08 18,296 TOTAL 91.646' 100.00% $258,400 Confirmed 4.051 tax capacity rate referendum. A tax capacity rate of 87.595 may be used to estimate tax increment. 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. The following tables represent the additional tax capacity rates that would have to be levied to compensate for the loss of dollars in estimated tax increments for each jurisdiction. The tax increments derived from the development alluded to in the tax increment district would not be available to any of the 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 jurisdiction, the nonreceipt of dollars represented as tax increments may be determined. This determination is facilitated by estimating how much the tax capacity rate for property outside of the tax increment financing district would have to be increased to raise the same amount of dollars in each 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 Rat Contributions City $7,219,661 .4145 $29,992 County $404,452,240 .0198 80,026 School District $73,744,703 .1765 130,156 1. Tax Increment District Tax Capacity Valuation Subtracted. N. Modifications of the Tax Increment Financing District In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be incurred, including a determination or capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the City, increase in total estimated City of Mounds View TIF District No. 3 Modification 11 I P a g e