CC_Minutes_2004_0719 - Laserfiche WebLink

Home

CITY OF ROSEVILLE FISCAL DISPARITIES IMPACT RESULTING FROl\1 OFFICE & RETAIL DEVELOPMENT IN THE TWIN LAKES RENEWAL AREA When a tax incren1ent financing district ("TIF District") is created, a city n1ust elect whether to make its fiscal disparities contribution from within or without the TIF District. The impact of this election is two-fold: (i) there are significantly n10re tax incren1ent dollars available to assist the redevelopn1ent; and, (ii) there are increased taxes to the local taxpayers. Son1e of the difficulties involved in preparing this ilnpact analysis include: 1. It is in1possible to accurately n1easure the future in1pact of the fiscal disparities contribution for several reasons. Firstly, because development will occur in phases, the full in1pact is not expected 2010. Secondly, the impact is overstated because the analysis assun1es 2004 tax capacities. And thirdly, the analysis further assun1es no change in tax capacities or budgets over the next six years resulting in a static tax rate. 2. The fiscal disparities sharing factor is not a constant. As the fiscal disparities sharing factor decreases, the impact lessens and conversely as it increases the i111pact rises. Attached you will find the following Schedules that illustrate the fiscal disparities i111pact on the following taxing entities: . Schedule I . Schedule II . Schedule III . Schedule IV . Schedule V City of Roseville Ran1sey County I.S.D. #621 Total - City, County, School District Con1bined in1pact of all 3 taxing jurisdictions by property type The in1pact on n1etro taxing districts and other special taxing districts is n0111inal, therefore, these in1pacts have not been calculated The lTIOSt current 2004 tax capacities for the analysis were provided by Ran1sey County. They have previously reviewed sin1ilar calculations for a different city and indicated their comfort with this type of analysis. The Schedules are self-explanatory and assun1e the following: 1. Line G - Adjusted Local Tax Capacity - includes the fiscal disparities contribution (line F).