CCP 10-10-2006 - Laserfiche WebLink

Home Browse Search

. Subsection 36.16. Duration of TIF District. The duration of the TIF District is expected to be twenty-five (25) years from receipt of the first tax increment. The date of receipt of the first tax increment resulting from the redevelopment is estimated to be July, 2009. However, if tax increment resulting from inflation is generated in July, 2007, the TIF District, including any modifications for subsequent phases or other changes, would terminate in the year 2033. Subsection 36.17. Estimated Impact on Other Taxina Jurisdictions. The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of the TIF District. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the financing would not have occurred without the assistance of the City, attached Exhibit XXXVI-E reflects (i) the estimated impact of the TIF District if the "but for" test were not met; (ii) the estimated amount of tax increment generated annually; (iii) the estimated amount of tax increment generated over the duration of the TIF District; and, (iv) the estimated amount of tax increment attributable to the County, School District and other taxing districts. Attached as Exhibit XXXVI-D is the narrative "but for" analysis, . At this time the City anticipates there will be no impact on City services due to the creation of the TIF District. Additionally, since the authority has no current plans to tissue general obligations debt for project costs, it further anticipates that there will be no impact on Its borrowing costs due to the creation of the TIF District. Subsection 36.18 Modification of Tax Increment Financino District and/or Tax Increment Financina Plan. As of October 10, 2006 no modifications to the TIF District or the TIF Plan therefore have been made, said date being the date of initial approval and adoption thereof by the City. G,\WPDATA\N\NEW BRIGHTON\55\TIF\TIF PLAN.DOC 36-3 .