10-03-2012 - Laserfiche WebLink

Home Browse Search

City of Mounds View TIF District No. 1 Modification 10 | P a g e project is expected to be fully assessed beginning in 1988 for Stage I, 1989 for Stage II, 1990 for Stage III, and 1991 for Stage IV. The development will generate an annual tax increment of $1,052,520 at full assessment upon completion of all four stages of development. A partial tax increment may be received: in 1989 based upon a partial assessment of the developments should the projects be less than 100% completed on January 2, 1988. (AS MODIFIED JUNE 12,1989) Several sources of revenue may be used to finance public costs associated with the development projects in the municipal development district including tax increment financing, special assessments, earned interest and undesignated municipal funds. Tax increment financing refers to a funding technique that utilizes increases in assessed valuation and the property taxes attributed to new development to finance, or assist in the financing of public development costs. The office/light manufacturing and warehouse project is expected to be fully assessed beginning in 1990 for Stage 1, 1991 for Stage II, and 1992 for any remainder. The development will generate an annual tax increment in the range of $330,000 to $380,000 at full assessment upon completion of all three stages of development. A partial tax increment may be received in 1991 based upon a partial assessment of the developments should the proj ects be less than 100% completed on January 2, 1990. (AS MODIFIED MARCH 26, 1990) Several sources of revenue may be used to finance public costs associated with the development projects in the municipal development district including tax increment financing, special assessments, small cities development and federal grant funds. Tax increment financing refers to a funding technique that utilizes increases in assessed valuation and the property taxes attributed to new development to finance, or assist in the financing of public development costs. The office/light manufacturing and warehouse project is expected to be fully assessed beginning in 1992 for Stage I, 1993 for Stage II and 1994 for any remainder. The development will generate an annual tax increment in the area of $450,000 at full assessment of all three stages of development. A partial tax increment may be received in 1992 based upon partial assessment of the developments should the projects be less than 100% completed on January 2, 1991. (AS MODIFIED NOVEMBER 13,2000) Several sources of revenue may be used to finance public costs associated with the development projects in the municipal development district including tax increment financing, special assessments, earned interest, general property taxes state aid for road maintenance and construction, proceeds from the sale of land, other contributions from the developer and investment income, and undesignated municipal funds. Appendix E includes a detailed estimate of the Sources of Revenue being authorized for the District.