CCP 05-27-1997 - Laserfiche WebLink

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I I .- Section 2.11 Sources of Revenuc. The costs outlined below will be financed through the annual collection of tax increments . Revenue June 26,1989 Total including the Original Budget May 27, 1997 I Modification Tax Increments $965,465 $965,465 I Interest Earnings $0 $10,000 Special Assessments $0 $0 . Other $0 $0 Total $965,465 $975,465 I Section 2.12 Estimated Original and Captured Tax Capacities. The tax capacity of all taxable property in Tax Increment Financing District No. I, as most recently certified by the Commissioner of Revenue of the I State of Minnesota on January 2,1989, is estimated to be 3,307 and the captured tax capacity is expected to be $]45,963. Ie (As Modified May 27, 1997) The original tax capacity for Tax Increment Financing District No.1 for taxes payable in 1997 is $3,519 I and the captured tax capacity is $44,066, Future development could increase the captured tax capacity amounts to the originally estimated levels. Section 2.17 Estimated Impact on Other Taxing Jurisdictions. The estimated impact on other taxing I jurisdictions assumes construction would have occurred without the creation of Tax Increment Financing District No.1. If the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on other taxing jurisdictions is $0 due to the fact that the financing would not have occurred without the assistance of I the City, the attached Exhibit II-E reflects the estimated impact of Tax Increment Financing District No. I if the "but for" test was not met. I (As Modified May 27,1997) No additional fiscal implications are contemplated because the total tax increment to be collected in the I district on an annual and total basis are not expected to exceed original estimates. Sections 2. I 8. Modification of Tax Increment Financim! District and/or Tax Increment Financing Plan. As . of June 26, 1989, no modifications to Tax Increment Financing District NO.1 or the Tax Increment Financing plan therefore have been made, said date being the date of initial approval and adoption thereof by the City Council. . (As Modified May 27, 1997) As of May 27,1997, the Tax Increment Financing Plan was modified to account for adjustments to the it budgeted sources and uses of funds and the bonded indebtedness of the district. Modification to Tax. Increment Financing Plan for Tax Increment Financing District No.1 n.3 I