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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 2-5 <br />Project Estimated Tax Capacity upon Completion (PTC)* $2,587,865 <br />Original Estimated Net Tax Capacity (ONTC) $143,814 <br />Fiscal Disparities Reduction $953,911 <br />Estimated Captured Tax Capacity (CTC) $1,490,140 <br />Original Local Tax Rate 125.768% Pay 2005 <br />Estimated Annual Tax Increment (CTC x Local Tax Rate) $1,874,119 <br />Percent Retained by the EDA 100% <br /> *The cashflow estimates a 3% inflation factor over the term of the District. <br />Pursuant to M.S., Section 469.177, Subd. 4, the EDA shall, after a due and diligent search, accompany its <br />request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S., <br />Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which <br />building permits have been issued during the eighteen (18) months immediately preceding approval of the <br />TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase <br />the original net tax capacity of the District by the net tax capacity of improvements for which a building <br />permit was issued. <br />The City has reviewed the area to be included in the District and found no parcels for which building permits <br />have been issued during the 18 months immediately preceding approval of the TIF Plan by the City. <br />(As Modified February 13, 2006) <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 2008. The Project Tax Capacity <br />(PTC) listed is an estimate of values when the project is completed. <br />Project Estimated Tax Capacity upon Completion (PTC)* $3,901,440 <br />Original Estimated Net Tax Capacity (ONTC) $182,018 <br />Fiscal Disparities Reduction $1,475,513 <br />Estimated Captured Tax Capacity (CTC) $2,243,909 <br />Original Local Tax Rate 122.827% Estimated <br />Pay 2006 <br />Estimated Annual Tax Increment (CTC x Local Tax Rate) $2,756,126 <br />Percent Retained by the EDA 100% <br /> *The cashflow estimates a 3% inflation factor over the term of the District.
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