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Pay-As-You-Go Tax Increment Before 1997 = Existing Development 1997+ = TIF Redevelopment Property Tax $(000) 60 50 40 Additional taXes paid by new development 30 20 10 Existing taXes that go to the School, County, City. o 1990 95 1997 2000 Years 05 I I Fiscal Dis Contrib. f3M New Dev, Prop. Tax . Original Prop. Tax, 2010 RoseYiIIe Commurity DIMIIopment Dept. TIF-PAY 05-15-96 Assume: Old building pays property taXes of $10,000 (the base taxes). The City approves a TIF District in 1995, By 1997 the new development on the site pays total property taxes of $60,000 annually. The tax increment is $50,000; of which 40% ($20,000) is given to other cities (fiscal disparity); 60% ($30,000 per year) may be available to pay for the eligible costs of redevelopment. City of Roseville Pay-As- Yon-Go Tax Increment Financing Roseville has two types of pay-as-you-go districts: I) DEVELOPER PAYS, CITY REIMBURSES. After signing a Development Agreement, the Developer pays all costs bf site clean-up, removing the old building, installing new utilities, ponding, storm water, and other eligible costs, The City reimburses the developer with new property taxes (increments) created by the developer's project over a period of years until all eliiible costs have been reimbursed. 2) CITY SEED MONEY INVESTMENT. After signing a Development Agreement, the City invests seed money from its economic development fund to pay some or all costs of site clean-up, removing the old building, installing new utilities, ponding, storm water, and other eligible costs. The City reimburses its economic development fund from the new property taxes (increments) created by the developer's project over a period of years until all eliiible costs have been reimbursed.