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1 . Original Gross Tax Capacity and Original Tax Capacity- Rate <br /> The original gross tax capacity of all taxable real property <br /> within the TIF District, based on gross tax capacities <br /> established in 1989 for real estate taxes. to be paid in <br /> 1990, is expected to be certified by the County Auditor <br /> as $ Pursuant to Minnesota Statutes, Section <br /> 469.1,77, at the time of certification of the original gross <br /> tax capacity of the TIF District, the County auditor will <br /> also certify the original tax capacity rate that applies <br /> to the TIF District. The original tax capacity rate for <br /> the TIF District is the sum of all tax capacity rates that <br /> apply to the property in the TIF District in the calendar <br /> year in which the initial certification or original gross <br /> tax capacity is requested. For the TIF District based <br /> on the tax capacity rates for .1989 the original tax capacity <br /> rate will be <br /> 2. Captured Gross Tax Capacity <br /> Each year the gross tax capacity of parcels within the <br /> TIF District will be adjusted to reflect current valuation. <br /> Tax Increment is calculated by extending the lesser of <br /> (i) the local taxing district tax capacity rates or (ii) <br /> the original tax capacity rate, to the captured gross tax <br /> capacity of the TIF District. The estimated dated of completion <br /> of the townhouse units is , and the estimated <br /> captured gross tax capacity at . completion is 5 <br /> Pursuant to Minnesota Statutes, Section 469.177, Subd. <br /> 2, the City and the HRA hereby determine that they will <br /> use 100% of the captured gross tax capacity of taxable <br /> property located in the TIF District and 100% of the Tax <br /> Increment to be derived from the TIF District for the entire <br /> duration of the TIF District. <br /> 11 <br />