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Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity (ONTC) as certified for the District was based on the market values placed on the property by the assessor in 1997 for taxes payable 1998. Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in the payment year 1999) the amount by which the original value has increased or decreased as a result of: 1. Change in tax exempt status of property; 2. Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court-ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the City. The original local tax rate for the District was the local tax rate for taxes payable 1998. Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 1, upon completion of the projects within the District, will annually approximate tax increment revenues as shown in the table below. The City requested 100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year payable 1999. The Project Tax Capacity (PTC) listed in the table below is for pay 2018. Project Estimated Tax Capacity upon Completion (PTC) $833,796 Pay 2018 Original Estimated Net Tax Capacity (ONTC) $73,006 Pay 1998 Fiscal Disparities $0 Estimated Captured Tax Capacity (CTC) $760,790 Original Local Tax Rate 1.22918 Pay 1998 Estimated Annual Tax Increment (CTC x Local Tax Rate) $935,148 Percent Retained by the City 100% Subsection 2-9. Sources of Revenue/Bonds to be Issued The costs outlined in the Uses of Funds are financed primarily through the annual collection of tax increments. The projects within the District were originally financed by the 2001 B and C bonds which were refinanced by the 2011 A and B Bonds, which were paid in full in 2015. The only bond obligation outstanding is the 2012B bonds which are pooled bonds for TIF Districts No. 31 and No. 32. Any refunding amounts of these bonds will be deemed a budgeted cost without a formal TIF Plan Modification. This provision does not obligate the City to incur debt. City of New Brighton Modification to the Tax Increment Financing Plan for TIF District No. 26: Brighton Corporate Business Park III 2-4