2003_0804_packet - Laserfiche WebLink

Home

I� Sources of Revenue The only source of revenue to be -used to finance capital and administration costs associated with the development projects set forth in this Tax Increment Financing District No, 12 within Development District No* 1, is tax increment generated as a result of the taxation of land and improvements within Development District No. 1* Tax increment financing refers to a funding technique that utilizes increases in valuation and the property taxes attributable to new development to finance, or assist in the financing o f capital and administration costs. The improvements as a result of future development are expected to generate an annual tax increment of $172,000 based upon assumptions of a total build out value of $7F5OOyOOO, J - Original Net Tax Capacity Pursuant to Minnesota Statutes, section 469.175, subdivision 1 and Section 469.177 subdivision 1, the original Net Tax Capacity for the City of Roseville Tax Increment Financing District No. 12 is based on the value placed on the property by the county Assessor in 1990. This original Net Tax Capacity is $1,046,200, Each year the office of the county Auditor will measure the amount of increase or decrease in the total value of Tax Increment Financing District No. 12to talc„ late the tax increment payable to Tax Increment Financing District No. 12. In any year in which there is an increase in total Net Tax Capacity, above the Net Tax Capacity, a tax increment will be payable. The County Auditor shall certify in each year after the date the Original Tax capacity was certified, the amount of Tax Capacity 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 stipulations, adjustments, negotiated or court - ordered abatements. K. Estimated Captured Net 'fax Capacity Pursuant to Minnesota Statutes, Section 469 }175 Subdivision I and Minnesota Statutes, Section 469.177 Subdivision 2, the Net 'lax Capacity of Tax Increment Financing District No. 12 will annually approximate $7,454,401 based upon fiscal disparities being contributed from within Tax Increment Financing District No, 12. The amount calculated inqludes removal of the building. Land value has been calculated as a constant. This amount will be captured for up to twenty - five years or until the city's outstanding tax increment