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4 <br /> • State Tax Reform and Tax Capacity <br /> Tax capacity is the basis on which taxes are assessed. The net effect of the 1997 law <br /> put in place by the State Legislature was to reduce the overall,tax capacity (tax base) of <br /> the City. <br /> The tax rate is determined by dividing the amount of taxes levied by the City's or <br /> taxing authority's tax capacity. By reducing the City's tax capacity, the new law <br /> virtually guaranteed an increase in the City's tax rate even without any changes in City <br /> spending. <br /> In addition, the new law has shifted some of the burden of paying taxes from <br /> commercial and industrial taxpayers to residential properties. For collectible year 2001 <br /> taxes, this trend will continue, however it should not be as dramatic as in other years. <br /> Since St: Anthony is a fully developed community with a tax base that is comprised of <br /> 70% residential, 15% commercial, 12% apartments and 3% other, it becomes critical <br /> to monitor and react to the impact of any changes to the class rates. Our continued <br /> focus on redevelopment assures that our image and tax base stays firm. <br /> • 100-Year Flood Protection - City Goal <br /> Watershed management has been an on-going concern for the community for many <br /> years. The entire City is served by the Metropolitan Wastewater System and with the <br /> development of the community the demands for wastewater have changed dramatically. <br /> During periods of heavy rainfall or the spring thaw, portions of St. Anthony have <br /> incurred or are at risk to incur flooding.problems. The redevelopment of these areas to <br /> provide 100-year flood protection for the Community, (such as Silver Point Park, <br /> road.improvements and holding ponds) will continue to be important issues over the <br /> next several years. <br /> Funding for this project (estimated to cost $10 million dollars) will come from various <br /> sources such as grants, road improvement bonds, storm sewer bonds, storm water fees <br /> and reserves. In 1999, the City secured a $1.8 million dollar grant from the DNR <br /> and an additional $2 million in 2000. <br /> The Harding Street Holding Pond Project is in the development stage and we anticipate <br /> it to be underway by 2001. <br /> • <br />