Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
  <br />City of Arden Hills <br />Tax Increment Financing District No. 5: TCAAP 7  <br /> <br />Project estimated Tax Capacity upon completion $7,171,832 <br />Original estimated Net Tax Capacity $2,012,442 <br />Fiscal Disparities $505,054 <br />Estimated Captured Tax Capacity $4,654,336 <br />Original Local Tax Rate 113.0300%Pay 2019 <br />Estimated Annual Tax Increment $5,260,796 <br />Percent Retained by the City 100% <br />Project Tax Capacity <br /> <br />Note: The tax capacity includes no inflation for the duration of the District. The tax capacity included in <br />this chart is the estimated tax capacity of the District in year 3 after development is completed. The tax <br />capacity of the District in year one is estimated to be $1,491,463. <br /> <br />Pursuant to M.S., Section 469.177, Subd. 4, the City shall, after a due and diligent search, <br />accompany its request for certification to the County Auditor or its notice of the District <br />enlargement pursuant to M.S., Section 469.175, Subd. 4, with a listing of all properties within the <br />District or area of enlargement for which building permits have been issued during the eighteen <br />(18) months immediately preceding approval of the TIF Plan by the municipality pursuant to M.S., <br />Section 469.175, Subd. 3. The County Auditor shall increase the original net tax capacity of the <br />District by the net tax capacity of improvements for which a building permit was issued. <br /> <br />The City has reviewed the area to be included in the District and found no parcels for which <br />building permits have been issued during the 18 months immediately preceding approval of the <br />TIF Plan by the City. <br />Sources of Revenue/Bonds to be Issued <br /> <br />The total estimated tax increment revenues for the District are shown in the table below: <br /> <br />SOURCES <br />Tax Increment 154,637,343 <br />Interest 15,463,734 <br />TOTAL 170,101,078 <br />The costs outlined in the Uses of Funds will be financed primarily through the annual collection of <br />tax increments. The City reserves the right to incur bonds or other indebtedness as a result of <br />the TIF Plan. As presently proposed, the projects within the District will be financed by pay-as- <br />you-go notes and interfund loans. Any refunding amounts will be deemed a budgeted cost without <br />a formal TIF Plan Modification. This provision does not obligate the City to incur debt. The City <br />will issue bonds or incur other debt only upon the determination that such action is in the best <br />interest of the City. <br /> <br />The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax <br />increments from the District in a maximum principal amount of $96,558,573. Such bonds may be <br />in the form of pay-as-you-go notes, revenue bonds or notes, general obligation bonds, or interfund