2007-09-26 CC Packet - Laserfiche WebLink

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Subsection 2.9. Sources of Revenue. Public improvement costs, acquisition, site preparation costs and other costs outlined in the Estimated Cost of Project (Subsection 2.7 above) will be financed through the annual collection of tax Increment revenues as described below and such other permissible revenue sources as determined by the City including Bonds referenced in Subsection 2.8. The City expects to retain 100 percent of the tax . Increment for payment of the City's obligations. Subsection 2.10. Estimated OriGinal and Caatured Tax Caaacities. The most recent original tax capacity of Tax Increment Financing District No. 1-7 is estimated to be $1.564. The estimated captured tax capacity of Tax Increment Financing District No. 1-7 at the time the tax increment becomes payable is expected to be $35.582. Subsection 2.11. Tvae of Tax Increment FinancinG District. Tax Increment Financing District No. 1-7 is, pursuant to Minnesota Statutes Section 469.174, Subd. 12, a "Economic Development District" defined as type of tax Increment financing district consisting of a project, or portions of a project, within which the authority finds to be in the public interest because: (1) it will discourage commerce, Industry, or manufacturing from moving their operations to another state or municipality; or (2) it will result in increased employment In the state; or (3) it will result in preservation and enhancement of the tax base of the state. Subsection 2.12. Duration of Tax Increment FinancinG District No. 1-7. The duration of Tax Increment Financing District No. 1-7 is expected to be eight (8) years from the receipt of the first tax increment. The date of receipt of the first tax increment is anticipated in the year 2009. Thus, it is estimated that the Tax Increment Financing District, including any modifications for subsequent phases or other changes would terminate in the year 2016. -Page3- /1/