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City of Mounds View TIF District No. 1 Modification 11 | P a g e J. Original Assessed Value Pursuant to Minnesota Statutes, Section 273.74, Subdivision 1 and Section 273.76, Subdivision 1, the Original Assessed Value (OAV) for the City of Mounds View tax increment financing redevelopment district is based on the value placed on the property by the County Assessor in 1985.* This assessed value is $2,416,086. Each year the Office of the County Auditor will measure the amount of increase or decrease in the total assessed value of the tax increment redevelopment district to calculate the tax increment payable to the Mounds View redevelopment district fund. In any year in which there is an increase in total assessed valuation in the tax increment redevelopment district ab ove the adjusted original assessed value, a tax increment will be payable. In any year in which the total assessed valuation in the tax increment financing redevelopment district declines below the original assessed valuation, no assessed valuation will be captured and no tax increment will be payable. The County Auditor shall certify in each year after the date the Original Assessed Value was certified, the amount the OAV has increased or decreased as a result of: 1 change in tax exempt status of property; 2 reduction or enlargement of the geographic boundaries of the district; 3 change due to stipulations, adjustments, negotiated or court-ordered abatements. *(The figures contained herein are based upon 1985 payable 1986 original assessed values). (AS MODIFIED JUNE 12, 1989) Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section 467.177, Subdivision 1, the Original Tax Capacity Value (OTV) for the City of Mounds View tax increment financing redevelopment district Modification No. 1 is based on the value placed on the property by the County Assessor in 1988. This tax capacity value is $26,154. Each year the Office of the County Auditor will measure the amount of increase or decrease in the total assessed value of the tax increment redevelopment district to calculate the tax increment payable to the Mounds View redevelopment district fund. In any year in which there is an increase in total assessed valuation in the tax increment redevelopment district above the adjusted original assessed value, a tax increment will be payable. In any year in which the total assessed valuation in the tax increment financing redevelopment district declines below the original assessed valuation, no assessed valuation will be captured and no tax increment will be payable. Effective with requests for certification for new districts filed after May 1, 1988, the County Auditor is to certify the original tax capacity rate as well as the original tax capacity for the base year of anew district. This provision does not apply for districts established on or before May 1, 1988 or to the expanded portion of such districts even if the expansion is