CCP 05-27-1997 - Laserfiche WebLink

Home Browse Search

I needs of the project. I .. Section 3.11 Sources of Revenue. The costs outlined in Section 3.9 will be financed through the annual collection of tax increments. I Revenue June 26, 1989 Original Total including the I Budget May 27, 1997 Modification Tax Increments $14,196,966 $29,500,000 I Interest Earnings $500,000 Special Assessments I Other Total $14.196.966 $30.000.000 I Section 3.12 Estimated Original and Captured Tax Capacities. The tax capacity of all taxable property I in Tax Increment Financing District No.2, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2, 1989, is estimated to be $154,440 for the original tax capacity. The ~ captured tax capacity was $1,182,710. (As Modified May 27, 1997) At the time of completion of all phases, the original tax capacity is estimated to be $20,529 and captured I tax capacity is estimated to be $2,497,588, an increase of approximately $1,300,000 from the original tax increment plan. I Section 3.17 Estimated Impact on Other Taxing Jurisdictions. The estimated impact on other taxing I jurisdictions assumes construction would have occurred without the creation of Tax Inerement 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, Exhibit II-E reflects the estimated impact of Tax Increment Financing District No.2 if the "but for" test was not met. (As Modified May 27, 1997) I The County and School District previously been have notified of the fiscal implications of District No. I 2. The following impacts are for an additional $1,200,000 in captured tax capacity, as described above, based on current tax rates and values. The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of a Tax Increment Financing District. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding I the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the construction would not have occurred without the assistance of the City, tbe following is the estimated total impact -- Modification to the Tax Increment Financing Plan for Tax Increment Financing District No.2 I11-3 I ---