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  <br />Mounds View Economic Development Authority <br />Tax Increment Financing District No. 1-7 (Skyline Apartments) 6 <br />Project estimated Tax Capacity upon completi 246,984 <br />Original estimated Net Tax Capacity 5,249 <br />Fiscal Disparities 0 <br />Estimated Captured Tax Capacity 241,736 <br />Original Local Tax Rate 115.0147% <br />Pay 2021 <br />Estimated Annual Tax Increment $278,032 <br />Percent Retainted by the City 100% <br />Project Tax Capacity <br /> <br /> Note: Tax capacity includes a 3% inflation factor for the duration of the District. The tax <br />capacity included in this chart is the estimated tax capacity of the District in year 25. The tax <br />capacity of the District in year two (first year of full development) is estimated to be $121,500. <br /> <br />Pursuant to M.S., Section 469.177, Subd. 4, the EDA shall, after a due and <br />diligent search, accompany its request for certification to the County Auditor <br />or its notice of the District enlargement pursuant to M.S., Section 469.175, <br />Subd. 4, with a listing of all properties within the District or area of <br />enlargement for which building permits have been issued during the eighteen <br />(18) months immediately preceding approval of the TIF Plan by the <br />municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor <br />shall increase the original net tax capacity of the District by the net tax <br />capacity of improvements for which a building permit was issued. <br /> <br />The City is reviewing the area to be included in the District to determine if any <br />building permits have been issued during the 18 months immediately <br />preceding approval of the TIF Plan by the City. <br />SOURCES OF REVENUE/BONDS TO BE ISSUED <br /> <br />The total estimated tax increment revenues for the District are shown in the <br />table below: <br /> <br />SOURCES <br />Tax Increment 4,941,080$ <br />Interest 494,108 <br />TOTAL 5,435,188$ <br /> <br />The costs outlined in the Uses of Funds will be financed primarily through the <br />annual collection of tax increments. The EDA or City reserves the right to <br />incur bonds or other indebtedness as a result of the TIF Plan. As presently <br />proposed, the projects within the District will be financed by pay-as-you-go <br />notes and interfund loans. Any refunding amounts will be deemed a