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St. Anthony City and School District <br /> September 11, 2000 <br /> Page 2 <br /> Option 3: Tax Abatement <br /> Tax abatement is the use of taxes generated from specific tax parcels to pay for <br /> designated costs. The taxes are collected in the normal process, not returned to <br /> the taxpayer. <br /> The City has two Tax Increment Financing Districts which will close in 2000 and <br /> 2001. The increment generated from these districts is currently being collected by <br /> the City to pay prior eligible costs of the TIF district. Neither the City nor the <br /> School District has had access to this tax revenue for their general operations. It is <br /> anticipated that those taxes would now be abated for the Central Park Project. <br /> The Captured Value of the Walbon and Evergreen TIF Districts is $97,794. Based <br /> on the current tax rates of only the City and School District, the taxes generated is <br /> $84,796. <br /> City Tax $29,689 <br /> School District Tax 55,107 <br /> $84,796 <br /> Based on the above, we-have calculated the amount of debt amortized over 15 <br /> years which would be who lly.supported by the abatement revenue generated. <br /> Maximum Mid Range Minimum <br /> Contribution 100% / 100%' 100% /75% 100% /54% <br /> City $ 29,689 $ 29,689 $ 29,689 <br /> School District 55,107 41,300 29.689 <br /> Total Revenue $ 84,796 $ 71,019 $ 59,378 <br /> Bond Issue Available $870,000 $730,000 $610,000 <br /> Estimated Tax Impact <br /> $150,000 House <br /> City $ 11.44 $ 11.44 $11.44 <br /> School District. $ .17.62 $ 13.21 $ 9.49 <br /> $500,000 Commercial Property <br /> City $ 89.51 $ 89.51 $89.51 <br /> School District $137.88 $105.41 $74.28 <br /> $250,000 Apts (4 or more units) <br /> City $'.:34.64 $ 34.64 $34.64 <br /> School District $ 53.37 $ 40.03 $38.75 <br />