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City of Mounds View TIF District No. 1 Modification 13 | P a g e
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<br />the first tax increment. Thus, it is estimated that the tax increment district, including any
<br />modifications to the finance plan for subsequent phases or other ,changes, would terminate
<br />in year 2014.
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<br />(AS MODIFIED JUNE 12, 1989)
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<br />Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, the duration of the tax
<br />increment district within the Development District must be indicated within the finance
<br />plan. The duration of the tax increment district will be 25 years from the date of receipt of
<br />the first tax increment. Thus, it is estimated that the tax increment district, including any
<br />modifications to the finance plan for subsequent phases or other modifications would
<br />terminate in year 2014.
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<br />(AS MODIFIED OCTOBER 8, 2012)
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<br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of
<br />the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176,
<br />Subd. 1b, the duration of the District will be 25 years after receipt of the first increment
<br />by the City (a total of 26 years of tax increment). The date of receipt by the City of the
<br />first tax increment was 1988. Thus, it is estimated that the District, incl uding any
<br />modifications of the TIF Plan for subsequent phases or other changes, would terminate
<br />after December 31, 2013, or when the TIF Plan is satisfied. The City reserves the right
<br />to decertify the District prior to the legally required date.
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<br />M. Estimated Impact on Other Taxing Jurisdictions
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<br />The impact of the loss of tax dollars represented as tax increments is estimated below for
<br />each taxing jurisdiction. This estimate is based on the existing redevelopment proposals and
<br />does not include the possible tax increments derived from any other future development,
<br />mill changes, or inflation factors.
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<br /> Total Assessed Value
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<br />Tax Increment Finance District 1/2/85 Total $2,416,086
<br />Latest Assessed Value of Each Government Body:
<br /> % of District to Total
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<br />City of Mounds View $ 68,429,189 3.531
<br />County of Ramsey $3,292,017,989 .073
<br />School District #621 $557,331,065 .434
<br />Spec. Ind. School Dist. #916 $1,509,476,825 .160
<br />Other:
<br />Metro Transit $3,292,017,989 .073
<br />Met Council $3,292,017,989 .073
<br />Rice Creek Watershed $712,270,757 .339
<br />Mosquito Control $3,292,017,989 .073
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