2005-08-03 WS Packet - Laserfiche WebLink

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Subsection 2.9. Sources of Revenue. Public Improvement oosts, acquisition, site preparation oosts and other oosts outlined In the EstImated Cost of Project (Subsection 2.7 above) will be financed through the annual oollectlon 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 aty expects to retain 100 percent of the tax Increment for payment of the aty's obligations. Subsection 2.10. Estimated OriGinal and Caaturecl Tax CaDBcities. The most recent original tax capacity of Tax Increment Anandng DIstrict No. 1-6 Is estimated to be $10.350. The estimated captured tax capacity of Tax Increment Anandng DIstrict No. 1-6 at the time the tax Increment beoomes payable Is expected to be $37.606. Subsection 2.11. TVDe of Tax Increment FinandnG Disbict. Tax Increment Anandng DIstrict No. 1-6 Is, pursuant to Minnesota Statutes SectIon 469.174, SUbd. 10, a "Redevelopment DIstrict" defined as type of tax Increment finandng district oonslstlng of a project, or portions of a project, within which the authority finds by resolution that one or more of the following oondltions, reasonably distributed throughout the district, exists: (1) parcels oonslstlng of 70 percent of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures and more than 50 percent of the buildings, not Indudlng outbuildings, are structurally substandard to a degree requiring substantial renovation or dearance; (2) the property oonslsts of vacant, unused, underused, Inappropriately used, or Infrequently used rail yards, rail storage fadlltles, or excessive or vacated railroad rights-of-way; (3) tank fadlltles, or property whose Immediately previous use was for tank fadlltles, as defined In section 115C.02. subdivision 15, If the tank fadlltles: (I) have or had a capacity of more than 1,000,000 gallons; (II) are located adjacent to rail fadlltles; and (III) have been removed or are unused, underused, Inappropriately used, or Infrequently used; (4) a qualifying disaster area. Subsection 2.12. Duration of Tax Increment FinancinG District No. 1-6. The duration of Tax Increment Anandng DIstrict No. 1-6 Is expected to be twenty-three (23) years from the receipt of the first tax Increment The date of receipt of the first tax Increment Is antldpated In the year 2008. Thus, It Is estimated that the Tax Increment Anandng DIstrict, Indudlng any modifications for subsequent phases or other changes would terminate In the year 2030. -Page3-