2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 3.03.4 Fiscal Disparities Election Pursuant to Section 469.177, Subd. 3 of the TIF Act, the City may elect one of two methods to this section of the TIF Act. The election of clause “b” can also be generally described as electing SECTION 3.04 PLAN FOR USE OF TAX INCREMENT 3.04.1 Estimated Tax Increment The original net tax capacity of value of the TIF District will be set by the county auditor upon $11,022. This is based on an estimated taxable market value of $881,742. Development and the estimated original net tax capacity value is the captured tax capacity value in the amount of $300,109 for the creation of tax increment. The combined total local tax capacity rates for taxes payable in 2024 is approximately 94.3%. The TIF Plan assumes this rate for purpose of calculating tax increments for the TIF District. At the The original tax rate is the sum of all the local tax rates, excluding that portion of the school rate capacity. The resulting tax capacity rate is the original local tax rate for the duration of the TIF District. (for taxes payable in 2028) is an estimated at $282,988, before deducting for the OSA fee of tax capacity value and original tax rate, the actual property value produced by the Development and the changes in property value and state tax policy over the duration of the TIF District, among other factors. The City will retain 100% of the captured tax capacity value for the duration of the TIF District. Exhibit II contains the projected tax increment over the duration of the TIF District. 3.04.2 Public Development Costs The City will use tax increment to pay Public Development Costs. The City anticipates the use of tax increment to reimburse the City and the Developer for Public Development Costs. The in Figure 3-1 in Section 3.04.3. 3.04.3 Estimated Sources and Uses of Funds The estimated sources and uses of funds for Public Development Costs, including the estimated information for the sources and uses of funds. The City may administratively adjust the amount of any of the items listed in Figure 3-1, or incorporate additional eligible items, so long as the DRAFT AS OF JUNE 5, 2024 7