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Fwd: Impact on residential taxpayers of an increase in th... (feasible). Please remember, the financial plan they have previously proposed wants 46 million in subsidy. The plan they presented does NOT show how much they expect they can cover in tax increment proceeds. It only shows what they want to borrow initially. Based on the current TIF II, which is all we legally have in place, we only have 10 more years of tif collections available, and that district is currently bringing in less that a 1/2 million a year. You need to know how much do they forecast tif collections under the existing tif # II (Twin Lakes) to be. I estimate 10 years X$500,000, or 5 million. That, out of 46 million is not a feasible plan. Nor was their initial plan of showing 19 million of TIFborrowings withoug indicating how much they forecast future TIFcollections will be. Remember, when you borrow, you not only repay the principal borrowed, but also the interest for carrying the loan. (Roughly, double the principal). Please keep in mind your priorities: Do not spend all summer on the Twin Lakes project. Work hard on our upcoming budget. Maintain our present services and be as gentle as you can on your constituents. Bite the bullet, increase our taxes as necessary to maintain current levels of service, but stop anything that adds to that bill. Including Twin Lakes. .Jl{ Sands Subject: RE: Impact on residential taxpayers of an increase in the levy From: chris. miller@ci.roseville.mn.us Date: Man, 21 Jun 2004 08:14:56 -0500 To: ESANDS2612@aol.com, chris.miller@ci.roseville.mn.us CC: neal.beets@ci.roseville.mn.us AI, Holding all other factors constant, a $1 million increase in the tax levy would increase property taxes for homeowners by 11 %. This holds true for all residential properties with a taxable value of $500,000 or less. For those homes that are above $500,000, the impact is slightly higher. 2of4 6/21/2004 11 :25 AM