Agenda Packets - 1988/02/22 - Laserfiche WebLink

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measure the amount of increase or decrease in the total assessed value of the tax increment redevelopment district to calculate the tax increment payable to the redevelopment district fund. in any year in which there is an increase in total assessed valuation in the tax increment redevelopment district above the adjured originai assessed value, a tax Increment will be payable. in any year in which the total assessed valuation in the tax increment financing redevelopment district declines below the original assessed valuation, no assessed valuation will be captured and no tax increment will be payable. The County Auditor shall certify in each year after the date the Original Assessed Value was certified, the amount the OAV has increased or decreased as a result of: 1. change in tax exempt status of property; 2. reduction or enlargement of the geographic boundaries of the district; 3. change due to stipulations, adjustments, negotiated or court -ordered abatements. K. Estimated Captured Assessed Value :y Pursuant to Minnesota Statutes, Section 469.175, Subdivision I and Minnesota Statutes, Section 669.177, Subdivision 2, the estimated present value of Captured Assessed Value (CAV) of the tax increment financing redevelopment district, with all phases completed, will annually approximate $1,122,200 to $1,447,000. This amount may be captured in phases (see Appendix "E") for up to twenty-five years or until the debt is retired. L. Duration of the District Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, the dur..:lon of the tax increment district within the Development District must be Indicated within the finance plan. The duration of the tax Increment district will be 25 years from the date of receipt of the first tax increment, including any modifications to the finance plan for subsequent phases or other changes. M. Estimated Impact on Other Taxing Jurisdictions The impact of the loss of tax dollars represented as tax increments is l._i.i yr tnx°„�'„„Isr+letin n_ This estimate Is based on the cn caC.. ...p existing redevelopment propon:.ls and does not include the possible tax Increments derived from any other future development, mill changes, or Inflation factors.