08-23-2004 SPECIAL - Laserfiche WebLink

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life of its TIF district. Although it is one parcel, it has 74 PINS with small individual values. The seven single family homes in the 7700 blocks of Groveland Avenue and Silver Lake Road are away from Highway 10 and don’t appear likely to attract a development that would require TIF participation. They also have low value per PIN when compared to the commercial properties that are being retained in the TIF districts. Impact: This group of properties has a total taxable market value for pay 2004 of $10,733,100. That is 9.6% of the pay 2004 taxable market value in TIF. The TIF districts are expected to collect $2,242,808 of increment in 2004. If the de-certification had been in place for 2004, the $215,310 of that would have gone to the general tax rolls instead. The impact would have similar to the following: District: Tax Rate % of Total Collections MV Share MV Benefit City 42.548 34.122% $73,468 100.00% $73,468 County 53.135 42.612% $91,748 1.89% $1,734 ISD 621 21.843 17.517% $37,716 10.60% $3,988 Other 7.169 5.749% $12,378 1.00% $124 Total 124.695 100.000% $215,310 $79,314 So if the de-certification had been in place for taxes payable in 2004, $215,310 of captured TIF revenue instead would have been available to the general property tax roles and $79,314 of that would have benefited Mounds View tax payers by increasing the base upon which the taxes are spread. It is reasonable to assume that the impact for taxes payable in 2005 will be similar. Balancing draft #1 of the budget entirely with a tax increase results in a levy of $3,838,715, or $827,966 more than the 2004 levy of $3,010,749. De-certifying this group of properties would allow them to shoulder about 10% of the increase rather than passing it onto the taxpayers who are outside of the TIF districts. If the City Council is in favor of this approach, staff can investigate the required actions and bring them back at a regular meeting for City Council action. Memberships: Another area that often generates discussion during budget is memberships. The detail of all memberships is listed in the first draft presented on August 2nd and will be presented again at the work-session on September 7th. Memberships provide access to research done by the associations and staff training at reduced cost. Memberships are also an important means of networking with other cities, improving cooperation between cities, and the sharing of ideas and information.