6B, Tax Increment Financing - Laserfiche WebLink

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The estimated sources of funds for the District are contained in the table below are based on the increments received to date and an extrapolation of future increment expected. SOURCES OF FUNDS TOTAL Tax Increment $194759000 The other financing sources listed in Exhibit IV-F are included for purposes of OSA reporting for the TIF District. Transfers are authorized in case money is moved from one fund to another, before an expenditure is made. Section 2.12. Estimated Original and Captured Tax Capacities. The tax capacity of all taxable property in Tax Increment Financing District No. 3 for the 1992/93 tax year is estimated to be 5,443. The City anticipates entering into a development contract with the developer and that the City will agree to reimburse the developer for costs of the public improvements from collections of tax increment. The estimated captured tax capacity of Tax Increment Financing District No. 3 upon completion of the proposed improvements on January 2, 1994 is estimated to be $48,853. (AS MODIFIED MAY 27, 1997) For taxes payable in 1997, the original tax capacity was $3,524 and the captured tax capacity was $62,329. (AS MODIFIED DECEMBER 14, 2009) Pursuant to M.S., Section 469.177, Subds. I and 2, the County Auditor shall certify in each year the amount by which the original value has increased or decreased as a result of: 1. Change in tax exempt status of property; 2. Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court -ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the EDA or City. Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within Development District No. 1, will annually approximate tax increment revenues as shown in the table below. The Project Tax Capacity (PTC) listed is the final values used for taxes payable in 2009. City of Arden Hills Modification of Tax Increment Financing District No. 3