CCP 10-10-2006 - Laserfiche WebLink

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. Subsection 36.8. 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 36.9. Estimated Public Improvement Costs, The estimated public improvement costs associated with this TIF District are listed on Page I-C-28 of Exhibit I-C of the Restated Development Program. Notwithstanding anything to the contrary in Exhibit I-C, any of the costs listed therein may be financed with tax increments from the TIF District, and such costs may be incurred anywhere within the NW Quad as permitted by the Special Law. Subsection 36.10. Estimated Amount of Bonded Indebtedness. It is anticipated that approximately $400,000 of bonded indebtedness may be incurred that is secured in whole, or in part, by the tax increment from this TIF District. Subsection 36.11, Sources of Revenue. The anticipated revenue sources to finance the costs associated with the Project Area are outlined in Section I, Subsection 1.6. . Subsection 36.12. Estimated arialnal 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, 2006, is estimated to be $3,950. The captured tax capacity of the TIF District upon completion of all the proposed improvements on January 2,2007 is estimated to be $7,300. The City intends to utilize 100% of the captured tax capacity for the duration of the TIF District for purposes of determining tax increment revenues, Subsection 36.13. Local Tax Rate. The pay 2006 local tax rate is 1.11508, The Tax Increment Act requires the certification of an original local tax rate for the duration of a tax increment district. For tax increment districts certified after June 30th the effective local tax rate is the local tax rate for the subsequent tax year. At this time the 2007 local tax rate is not known, but upon its availability it will be certified as the original local tax rate for the TIF District. Subsection 36.14. Tax Increment. Annual tax increment generated from the TIF District has been calculated at approximately $8,140 upon initial completion of all the improvements, This estimate is provided on the attached Exhibit XXXVI-C. Revenue has also been projected for the duration of the TIF District and is shown on Page I-C-27 of Exhibit I-C. Subsection 36.15. Tvpe of TIF District. The TIF District is, pursuant to Minnesota Statutes, Section 469,174, Subdivision 10, a redevelopment district. . 36-2