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Project estimated Tax Capacity upon completi 246,984 <br />Original estimated Net Tax Capacity 5,249 <br />Fiscal Disparities <br />Estimated Captured Tax Capacity <br />Original Local Tax Rate <br />Estimated Annual Tax Increment <br />Percent Retainted by the City <br />n <br />241,736 <br />115.0147% Pay 2021 <br />$278,032 <br />100% <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 $121,500. <br />Pursuant to M.S., Section 469.777, Subd. 4, the FDA shall, after a due and <br />diligent search, accompany its request for certification to the County Auditor <br />or its notice of the District enlargement pursuant to M.S., Section 469.775, <br />Subd. 4, with a listing of all properties within the District or area of <br />enlargement for which building permits have been issued during the eighteen <br />(18) months immediately preceding approval of the TIF Plan by the <br />municipality pursuant to M.S., Section 469.775, Subd. 3. The County Auditor <br />shall increase the original net tax capacity of the District by the net tax <br />capacity of improvements for which a building permit was issued. <br />The City is reviewing the area to be included in the District to determine if any <br />building permits have been issued during the 18 months immediately <br />preceding approval of the TIF Plan by the City. <br />SOURCES OF REVENUE/BONDS TO BE ISSUED <br />The total estimated tax increment revenues for the District are shown in the <br />table below: <br />Tax Increment <br />Interest <br />TOTAL <br />$ 4,941,080 <br />494,108 <br />$ 5,435,188 <br />The costs outlined in the Uses of Funds will be financed primarily through the <br />annual collection of tax increments. The FDA 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 <br />Mounds View Economic Development Authority <br />Tax Increment Financing District No. 1-7 (Skyline Apartments) 6 <br />DOCSOPENWU205\52\763645.v2-11/18/21 <br />