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12-16-19-SR
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12-16-19-SR
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<br />City of Arden Hills <br />Tax Increment Financing District No. 5: TCAAP 6 <br />Duration and First Year of Tax Increment of the District <br /> <br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first <br />year of tax increment of the District may be indicated within the TIF Plan. Pursuant to 2009 <br />Minnesota Session Laws, Chapter 88, Article 5, Section 16, Subdivision 2, the duration of the <br />District will be 30 years after receipt of the first increment by the City (a total of 31 years of tax <br />increment). Notwithstanding Minnesota Statutes, Section 469.175, subdivision 1, paragraph (b), <br />the City may designate the first year in which it elects to receive increment, up to six years <br />following the year of approval of the district. The City must make the designation by written notice <br />to the County Auditor delivered by June 30 of the year prior to the designated year of first receipt. <br />The City elects to receive the first tax increment in 2023, which is no later than six years following <br />the year of approval of the District. <br /> <br />Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent <br />phases or other changes, would terminate after 2053, or when the TIF Plan is satisfied. The City <br />reserves the right to decertify the District prior to the legally required date. <br />Original Tax Capacity, Tax Rate and Estimated Captured Net Tax <br />Capacity Value/Increment and Notification of Prior Planned <br />Improvements <br /> <br />Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net <br />Tax Capacity (ONTC) as certified for the District will be based on the market values placed on the <br />property by the assessor in 2019 for taxes payable 2020. <br /> <br />Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year <br />(beginning in the payment year 2021) the amount by which the original value has increased or <br />decreased as a result of: <br /> <br /> 1. Change in tax exempt status of property; <br /> 2. Reduction or enlargement of the geographic boundaries of the district; <br /> 3. Change due to adjustments, negotiated or court-ordered abatements; <br /> 4. Change in the use of the property and classification; <br /> 5. Change in state law governing class rates; or <br /> 6. Change in previously issued building permits. <br /> <br />In any year in which the current Net Tax Capacity (NTC) value of the District declines below the <br />ONTC, no value will be captured, and no tax increment will be payable to the City. <br /> <br />The original local tax rate for the District will be the local tax rate for taxes payable 2020, assuming <br />the request for certification is made before June 30, 2020. The ONTC and the Original Local Tax <br />Rate for the District appear in the table below. <br /> <br />Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the <br />estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 1, <br />upon completion of the projects within the District, will annually approximate tax increment <br />revenues as shown in the table below. The City requests 100 percent of the available increase <br />in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year <br />payable 2026. The Project Tax Capacity (PTC) listed is an estimate of values when the projects <br />within the District are completed.
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