Agenda Packets - 1997/04/28 - Laserfiche WebLink

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Q. Taxing Jurisdictions It is anticipated that net captured value of the parcels included in the Tax Increment District will remain stable from year to year after project completion and that the impact of tax increment financing on the net tax capacity values of all taxing jurisdictions in which the Tax Increment District is located in whole or in part would also remain stable from year-to-year. Based on this assumption, it is anticipated that tax increments will be captured annually. The estimate is based on the qualifications identified in this report and does not include the possible tax increment derived from any other future development, tax capacity changes or inflation factors. Assuming a Tax Rate of 136.338% (1996/97) and that the total Estimated Captured Net Tax Capacity Value of the Tax Increment District on January 2, 1998 is $51,372, the following projections have been prepared: 1996/97 Tax Rate 1996/97 Tax Capacity Ramsey County 44.226% $350,638,962 City of Mounds View 25.062% $ 7,475,697 I.S.D. No. 621 60.471% $ 73,609,989 Miscellaneous 6 579% Total Tax Rate 136.338% School District No. 621 comprised 44.354% of the 1996/97 tax capacity rate, while Ramsey County comprised 32.438%. The City of Mounds View made up 18.382% of the cumulative tax capacity • levy for the taxing jurisdictions affected by the Tax Increment District proposal and Miscellaneous taxing bodies a total of 4.826%. A tax capacity rate of 136.338% has been utilized in this Tax Increment District Plan. If the new taxes estimated within the Tax Increment District are captured for the duration of the District, taxes and values will experience no change until termination of the District. If the new taxes upon completion were not captured(assuming the project could be done without tax increment financing), taxes would be distributed as follows: Ramsey County $22,720 City of Mounds View $12,875 I.S.D. No. 621 $31,066 Miscellaneous $ 3,379 Total $70,040 The projected amount of captured tax capacity of$51,372 within the Tax Increment District is a small amount compared against the tax capacities of Ramsey County, I.S.D. No. 621 and the City of Mounds View.