99-056 - Laserfiche WebLink

Home Browse Search

. , ;'. " 'J' . , Plan by the City. The County Auditor shall increase the original tax capacity of the TIF District by the tax capacity of each improvement for which the building permit was issued. If said listing does not accompany the aforementioned request or notice, the absence of such listing shall indicate to the County Auditor that no building permits were issued in the eighteen (18) months prior to the City's approval of the TIF Plan. Subsection 30.8. Fiscal Disparities. The City hereby elects the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3, clause (a) if and when commercial/industrial development occurs within the TIF District. Subsection 30.9. Estimated Public Improvement Costs. The estimated costs associated with Development District No. 1 (the "Project Area") are listed in Section I, Subsection 1.5. Subsection 30.10. Estimated Amount of Bonded Indebtedness. It is anticipated that $1,500,000 of bonded indebtedness may be incurred with respect to this portion of the Project Area. Pursuant to Minnesota Statutes, Section 469.178, Subdivision 1, General Obligation Tax Increment Bonds may be used as required to amortize the costs identified in Section I, Subsection 1.5. The City also wishes to reserve the right to pay for all or part of the activities listed in Section I, Subsection 1.5., as modified, relating to the TIF District as tax increments are generated and become available. Subsection 30.1. Sources of Revenue. The costs outlined in Section I, Subsection 1.5. will be financed through the annual collection of tax increments and a City contribution. Subsection 30.12. Estimated Original and Captured Tax Capacities. The tax capacity of all taxable property in the TIF District, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2,1999, is estimated to be $4,536. The estimated captured tax capacity of the TIF District upon completion of the proposed improvements on January 2, 2001 is estimated to be $58,989. Subsection 30.13. Tax Capacity Rate. The pay 1999 total tax capacity rate is 1.22614. Subsection 30.14. Tax Increment. Annual tax increment has been calculated at approximately $72,328 upon completion of the improvements assuming a static tax capacity rate and a valuation increase of two percent (2.0%) compounded annually. Subsection 30.15. ~ of Tax Increment Financing District. The TIP District is, pursuant to Minnesota Statutes, Section 469.174, Subdivision 10, a redevelopment district. 30-2