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02-01-2006
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02-01-2006
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8/30/2018 10:15:11 AM
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MV City Council
City Council Document Type
City Council Packets
Date
2/1/2006
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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-4 <br />(As Modified February 13, 2006) <br />Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District <br />must be indicated within the TIF Plan. Pursuant to the Special Legislation, Subd. 2(b), the duration of the <br />District will be 25 years after receipt of the first increment by the EDA or City. The date of receipt by the <br />City of the first tax increment is expected to be 2008. Thus, it is estimated that the District, including any <br />modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2033, or when <br />the TIF Plan is satisfied. The EDA or City reserves the right to decertify the District prior to the legally <br />required date. <br />Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity <br />Value/Increment and Notification of Prior Planned Improvements <br />Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity <br />(ONTC) as certified for the District will be based on the market values placed on the property by the assessor <br />at the time the property is classified as taxable. <br />Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning <br />in the payment year 2007) the amount by which the original value has increased or decreased as a result of: <br />1. Change in tax exempt status of property; <br />2. Reduction or enlargement of the geographic boundaries of the district; <br />3. Change due to adjustments, negotiated or court-ordered abatements; <br />4. Change in the use of the property and classification; <br />5. Change in state law governing class rates; or <br />6. Change in previously issued building permits. <br />In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no <br />value will be captured and no tax increment will be payable to the EDA or City. <br />The original local tax rate for the District will be the local tax rate for taxes payable 2006, assuming the <br />request for certification is made before June 30, 2006. The ONTC and the Original Local Tax Rate for the <br />District appear in the table below. <br />Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated <br />Captured Net Tax Capacity (CTC) of the District, within the Mounds View Economic Development Project, <br />upon completion of the project, will annually approximate tax increment revenues as shown in the table <br />below. The EDA and City request 100 percent of the available increase in tax capacity for repayment of its <br />obligations and current expenditures, beginning in the tax year payable 2007. The Project Tax Capacity <br />(PTC) listed is an estimate of values when the project is completed.
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