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02-01-2006
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02-01-2006
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Last modified
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 2-12 <br />IMPACT ON TAX BASE <br />2004/2005 <br />Total Net <br /> Tax Capacity <br />Estimated Captured <br />Tax Capacity (CTC) <br />Upon Completion <br />Percent of CTC <br />to Entity Total <br />Ramsey County 372,289,367 1,490,140 0.4003% <br />City of Mounds View 6,679,189 1,490,140 22.3102% <br />Mounds View ISD No. 621 70,841,477 1,490,140 2.1035% <br />IMPACT ON TAX RATES <br />2004/2005 <br />Extension Rates <br />Percent <br />of Total CTC <br />Potential <br />Taxes <br />Ramsey County 49.210% 39.13% 1,490,140 733,298 <br />City of Mounds View 46.966% 37.34% 1,490,140 699,859 <br />Mounds View ISD No. 621 22.112% 17.58% 1,490,140 329,500 <br />Other 7.480%5.95%1,490,140 111,462 <br />Total 125.768% 100.00%1,874,119 <br />The estimates listed above display the captured tax capacity when all construction is completed. The tax rate <br />used for calculations is the actual 2004/Pay 2005 rate. The total net capacity for the entities listed above are <br />based on actual Pay 2005 figures. The District will be certified under the actual 2005/Pay 2006 rates, which <br />were unavailable at the time this TIF Plan was prepared. <br />(As Modified February 13, 2006) <br />The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF <br />Plan would occur without the creation of the District. However, the EDA or City has determined that such <br />development or redevelopment would not occur "but for" tax increment financing and that, therefore, the <br />fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as <br />follows if the "but for" test was not met:
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