7A, Tax Increment Financing for District #3

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Section 2.16. Duration of Tax Increment Financing District. The duration of Tax Increment Financing District No. 3 is expected to be fifteen (15) years from receipt of the first tax increment. The date of receipt of the first tax increment is estimated to be July, 1995. Thus, it is estimated that Tax Increment Financing District No. 3, including any modifications for subsequent phases or other changes, would terminate in the year 2009. (AS MODIFIED DECEMBER 14, 2009) Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. lb, the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The date of receipt by the City of the first tax increment was July, 1994. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2019, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. Section 2.17. Estimated Impact on Other Taxing Jurisdictions. The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of Tax Increment Financing District No. 3. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the financing would not have occurred without the assistance of the City, the attached Exhibit IV-E reflects the estimated impact of Tax Increment Financing District No. 3 if the "but for" test was not met. (AS MODIFIED MA Y 2 7, 1997) No additional fiscal implications are contemplated. Even though the captured tax capacity amount is higher than expected, the total tax increment to be retained by the City will not increase and will only be used to retire the existing debt and pay for city administrative costs. (AS MODIFIED DECEMBER 14, 2009) IMPACT ON TAX BASE Estimated Captured Pay 2009 Total Net Tax Capacity (CTC) Percent of CTC to Tax Capacity Upon Completion Entity Total Ramsey County 48398839904 35,820 0.0074% City of Arden Hills 1391159681 359820 0.2731 % ISD #621 8696889879 359820 0.0413 % IMPACT OF TAX RATE Pay 2009 Extension Percent of Potential Rates Total CTC Taxes Ramsey County 0.46546 47.66% 359820 169673 City of Arden Hills 0.20534 21.03 % 359820 79355 ISD #621 0.22937 23.49% 359820 89216 Other 0.07637 7_ 82% 359820 2,736 Total 0.97654 100.00% 349980 City of Arden Hills Modification of Tax Increment Financing District No. 3