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City of Mounds View TIF Distric t No. 3 Modification 7 | P a g e <br /> <br />total assessed valuation in the tax increment financing redevelopment district declines <br />below the original assessed valuation, no assessed valuation will be captured and no tax <br />increment will be payable. <br /> The County Auditor shall certify in each year after the date the Original Assessed Value <br />was certified, the amount the OAV has increased or decreased as a result of: <br /> <br />1. change in tax exempt status of property; <br /> <br />2. reduction or enlargement of the geographic boundaries of the district; <br /> <br />3. change due to stipulations, adjustments, negotiated or court-ordered <br />abatements. <br /> <br />(AS MODIFIED MARCH 26, 1989) <br /> <br /> Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section 469.177, <br />Subdivision 1, the Original Tax Capacity (OTC) for the City of Mounds View tax <br />increment financing redevelopment district #3 is based on the value placed on the property <br />by the County Assessor in 1987. This tax capacity is $9,369. Each year the Office of the <br />County Auditor will measure the amount of increase or decrease in the total tax capacity of <br />the tax increment redevelopment district to calculate the tax increment payable to the <br />redevelopment district fund. In any year in which there is an increase in total tax capacity <br />in the tax increment redevelopment district above the adjusted original tax capacity, a tax <br />increment will be payable. In any year in which the total tax capacity in the tax increment <br />financing redevelopment district declines below the original tax capacity, no tax capacity <br />will be captured and no tax increment will be payable. <br /> <br />The County Auditor shall certify in each year after the date the Original Tax Capacity was <br />certified, the amount the OTC has increased or decreased as a result of: <br /> <br />1. change in tax exempt status of property; <br /> <br />2. reduction or enlargement of the geographic boundaries of the district; <br />3. change due to stipulations, adjustments, negotiated or court-ordered abatements. <br /> <br />K. Estimated Captured Tax Capacity <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Minnesota Statutes, <br />Section 469.177, Subdivision 2, the estimated present value of Captured Assessed Value <br />(CAV) of the tax increment financing redevelopment district, with all phases completed, <br />will annually approximate $5,068,376. This amount will be captured in phases (see <br />Appendix “E”) for up to twenty-five years or until the debt is retired.