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City of Mounds View TIF District No. 2 Modification 8 | P a g e J. Original Assessed Value Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section 469.177, Subdivision 1, the Original Assessed Value (OAV) for the City of Moundsview tax increment financing redevelopment district is based on the value placed on the property by the County Assessor in 1987. This assessed value is $710,000. 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 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 val uation 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 Ori ginal 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. K. Estimated Captured Assessed Value Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Minnesota Statutes, Section 469.177, Subdivision 2, the estimated present value of Captured Assessed Value (CAV) of the tax increment financing redevelopment district, _with all phases completed, will annually approximate $1,122,200 to $1,447,000. This amount may be captured in phases (see Appendix "E") for up to twenty-five years or until the debt is retired. L. Duration of the District Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, the duration of the tax increment district within the Development District must be indicated within the finance plan. The duration of the tax increment district will be 25 years from the date of receipt of the first tax increment, including any modifications to the finance plan for subsequent phases or other changes. (AS MODIFIED OCTOBER 8, 2012) Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b, the duration of the District will be 25 years after receipt of the f irst increment by the City (a total of 26 years of tax increment). The date of receipt by the City of the first tax increment was 1990. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes,