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11-22-2021 EDA
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11-22-2021 EDA
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Last modified
1/29/2025 9:16:34 AM
Creation date
11/23/2021 10:17:58 AM
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MV Commission Documents
Commission Name
Economic Development Authority
Commission Doc Type
Agenda Packets
MEETINGDATE
11/22/2021
Commission Doc Number (Ord & Res)
0
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Date
11/22/2021
EDA Document Type
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<br />Mounds View Economic Development Authority <br />Tax Increment Financing District No. 1-7 (Skyline Apartments) 10 <br />(3) Estimated amount of tax increment attributable to school district <br />levies. It is estimated that the amount of tax increments over the life <br />of the District that would be attributable to school district levies, <br />assuming the school district's share of the total local tax rate for all <br />taxing jurisdictions remained the same, is $1,025,155; <br /> <br />(4) Estimated amount of tax increment attributable to county levies. It is <br />estimated that the amount of tax increments over the life of the <br />District that would be attributable to county levies, assuming the <br />county's share of the total local tax rate for all taxing jurisdictions <br />remained the same, is $2,051,806; <br /> <br />(5) Additional information requested by the county or school district. The <br />City is not aware of any standard questions in a county or school <br />district written policy regarding tax increment districts and impact on <br />county or school district services. The county or school district must <br />request additional information pursuant to M.S. Section 469.175 Subd. <br />2(b) within 15 days after receipt of the tax increment financing plan. <br /> <br />No requests for additional information from the county or school <br />district regarding the proposed development for the District have <br />been received. <br />SUPPORTING DOCUMENTATION <br /> <br />Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must <br />contain identification and description of studies and analyses used to make <br />the determination set forth in M.S. Section 469.175, Subd. 3, clause (b)(2) and <br />the findings are required in the resolution approving the District. <br /> <br />(i) In making said determination, reliance has been placed upon (1) <br />written representation made by the developer to such effects, (2) <br />review of the developer’s pro forma; and (3) City staff awareness of <br />the feasibility of developing the project site within the District, which <br />is further outlined in the City Council resolution approving the <br />establishment of the TIF District and Appendix C. <br /> <br />(ii) A comparative analysis of estimated market value both with and <br />without establishment of the TIF District and the use of tax <br />increments has been performed. Such analysis is included with the <br />cashflow in Appendix B and indicates that the increase in estimated <br />market value of the proposed development (less the indicated <br />subtractions) exceeds the estimated market value of the site absent <br />the establishment of the TIF District and the use of tax increments.
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