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City of St. Anthony, Minnz, 39 <br /> Executive Summary <br /> The City of St. Anthony requested that Springsted Incorporated <br /> review the active tax increment districts of the City. The purpose of <br /> the analysis was to project future revenues given the actions of the <br /> 2001 legislature relative to property tax reform. In preparing the <br /> report, Springsted has relied on information provided by Hennepin <br /> and Ramsey Counties and the City of St. Anthony. Primary <br /> assumptions used in the review include: <br /> - investment revenue of 0% <br /> - inflation of market value is 0% <br /> - 2001 Tax Increment Revenue is actual <br /> - 2002 Tax Increment Revenue is estimated <br /> - additional development has not been factored in <br /> - no further increase/reduction in class rates <br /> - pay 2002 total tax rate remains steady through life of district <br /> Although increments in each of the districts will be significantly <br /> reduced in future years, the impacts on debt service obligations will <br /> be minimal. Existing fund balances will help to carry these districts <br /> through future years even though revenue has declined. The <br /> overall outlook and health of the active districts looks good. Further <br /> discussion of each district follows: <br /> Kenzie <br /> Kenzie is a redevelopment TIF district created in 1982 and expiring <br /> in 2008. <br /> Increments received are being utilized to pay outstanding debt sold <br /> to finance the Community Center in the amount of $246,588 per <br /> year through 2010. Projections indicate the district will continue to <br /> be able to support this annual debt service and have a remaining <br /> fund balance equal to $1,749,713 upon retiring the debt in 2010. <br /> Future increments will continue to decline through 2004 due to <br /> continued compression of housing class rates. <br /> SPRINGSTED Page 1 <br />