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<br /> I . <br /> ~e of Tax Increment Financing District No.2 as of Pay 1997 if the "but for" test was not met: <br /> I <br /> I Pay 1997 to 2003 <br /> 1996/97 Estimated Captured Percent of CTC <br /> Tax Capacity Tax Capacitv (CTC) to Entitv Total <br /> I Ramsey County $300,203,145 $1,300,000 0.4330% <br /> I.S.D. No. 621 $57,744,579 $1,300,000 2.2513% <br /> City of Arden Hills $9,479,394 $1,300,000 13.7140% <br /> I The captured tax capacity listed above and below is the additional captured tax capacity of District No. <br /> 2, NOT including the portion currently being devoted to existing obligations. <br /> I 1988/89 Tax Percentage Pay 1997 to <br /> Extension Rates of Total 2003 CTC Taxes <br /> I Ramsey County 0.30029 33.60% $1,300,000 390,377 <br /> I.S.D. No. 621 0.44563 49,86% $1,300,000 579,319 <br /> City of Arden Hills 0.09381 10.50% $1,300,000 121,953 <br /> I Other Taxing Districts 0.05408 6.05% $1,300,000 70.304 <br /> 0.89381 100.00% 1,161,953 <br /> Ie The tax rate for payable 1989 is the frozen rate for the duration of tbe tax increment district, Please <br /> note that the current tax rate for taxes payable in 1997 is 1.2846. Therefore, a substantial portion of <br /> I the new taxes from current and future development (approximately 1/3 with the original tax capacity <br /> and fIScal disparities tax) will be received by the regular taxing jurisdictions. Therefore, as a result of <br /> the $1,161,953 of tax increment funds which are foregone by the regular taxing jurisdictions, the <br /> I regular taxing jurisdictions will realize an additional $550,000 annually during the term of the tax <br /> increment financing district which would not have occurred without the use of tax increment. <br /> I In addition, the impacts on School District No. 621 does not include the effect of state aids for education <br /> upon school district funding. <br /> I Sections 3.18. Modification of Tax Increment Financing District and/or Tax Increment Financing Plan. As <br /> of June 26, 1989, no modifications to Tax Increment Financing District No.2 or the Tax Increment Financing <br /> I plan therefore have been made, said date being the date of initial approval and adoption thereof by the City <br /> Council. <br /> (As Modified May 27, 1997) <br /> I As of May 27,1997, the Tax Increment Financing Plan was modified to account for increased project <br /> costs, revenues and bonded indebtedness. <br /> I <br /> , <br /> Modification to the Tax Increment Financing Plan for Tax Increment Financing District No.2 111-4 <br /> I <br /> -------- <br />