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<br /> -------- --------- -- -------------- <br /> , It <br /> . Sicmificant 1994 Abatement Pavrrents... 'Ihus Far <br /> At a minimum, the City's July tax settlarent will be reduced because of <br /> a January 21, 1994 payment of $91,825.66 to MSI for their 1993 petition <br /> (#4684) of four properties in their co:qx>rate catplex. <br /> Other Catments <br /> . Chris samuel, Manager Ramsey County Property Revenue department, <br /> indicated that, on average, only thirty percent (30%) of petitions <br /> are resolved within one year, seventy percent (70%) are resolved <br /> within two years and the balance in three or nore years. <br /> . The County considers the reduced tax capacity resulting fran <br /> valuation petitions to be a structural change apart fran <br /> delinquency and calculates it as a "shrinkage" statistic. <br /> . Given the backlog of petitions, the City still has considerable <br /> future "tax abatement/refund" exposure. A 1994 issue will be to <br /> dete:mdne if the five percent (5%) assurred delinquency percentage <br /> used in the 1994 budget is adequate to accamodate both <br /> delinquencies and "shrinkage". <br /> Attachment <br /> Attached is a schedule of 1992 through 1994 Estimated Market Valuations <br /> . (EMV) for significant ccmrercial and industrial properties within the <br /> City. The chart is intended for reference puxposes. <br /> TRP/sjl <br /> A:Val-upd.r+o <br /> . <br /> ______m_______ <br />