Agenda Packets - 2018/03/12 - Laserfiche WebLink

Home Browse Search

If the county elects to use increments to improve county roads, it must notify the EDA or City within forty- five days of receipt of this TIF Plan. In the opinion of the EDA and City and consultants, the proposed development outlined in this TIF Plan will have little or no impact upon county roads, but the TIF Plan was sent to the county 45 days prior to the public hearing. The EDA and City are aware that the county could claim that tax increment should be used for county roads, even after the public hearing. Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF Plan would occur without the creation of the District. However, the EDA or City has determined that such development or redevelopment would not occur "but for" tax increment financing and that, therefore, the fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as follows if the "but for" test was not met: IMPACT ON TAX BASE Estimated Estimated Estimated Captured Potential 2017/Pay 2018 Tax Capacity (CTC) Percent of CTC Total Net Upon Completion to Entily Total Tax Capacity Ramsey County 496,357,455 109,777 0.0221% City of Mounds View 9,773,580 109,777 1.1232% Mounds View ISD No. 621 92,954,527 109,777 0.1181% IMPACT ON TAX RATES 23,943 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the estimated Pay 2018 rate. The total net capacity for the entities listed above are based on estimated Pay 2018 figures. The District will be certified under the actual Pay 2018 rates, which were unavailable at the time this TIF Plan was prepared. Pursuant to M.S. Section 469.175 Subd. 2(b): (1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be generated over the life of the District is $2,362,928; (2) Probable impact of the District on city provided services and ability to issue debt. An impact of the Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 1-6 2-8 Estimated Percent Potential Pay 2018 of Total CTC Taxes Extension Rates Ramsey County 0.536930 44.16% 109,777 58,943 City of Mounds View 0.218110 17.94% 109,777 23,943 Mounds View ISD No. 621 0.378560 31.14% 109,777 41,557 Other 0.082150 6.76% 109.777 91018 Total 1.215750 100.00% 133,461 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the estimated Pay 2018 rate. The total net capacity for the entities listed above are based on estimated Pay 2018 figures. The District will be certified under the actual Pay 2018 rates, which were unavailable at the time this TIF Plan was prepared. Pursuant to M.S. Section 469.175 Subd. 2(b): (1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be generated over the life of the District is $2,362,928; (2) Probable impact of the District on city provided services and ability to issue debt. An impact of the Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 1-6 2-8