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I. S�ources of RevPnue <br />` The only source of revenue to be used to finance capital.and <br />administration costs associated with the develvpmeni� <br />projects set forth in this Tax Increment Financing Di�trict <br />No. 12 within Development District No. 1, is tax increment <br />generated as a result of the taxation of land and <br />improvements within Development District No. l. Tax <br />increment financing refers to a fundinq technique that <br />utilizes increases in valuatian and the property taxes <br />attribu�able to new development to finance, or �ssist in the <br />f inancing of capital and administration costs. The <br />improvements as a result of future development are expected <br />to generate an annual tax increment of $172,000 based upon <br />assump�ions of a total build aut value of $7�500,000. <br />J. <br />K. <br />Original Net Tax Capacity <br />Pursuant tc� Minnesota Statutes, Section 469.175, Subdivision <br />g and �ection 465.177 Subdivisian 1, the Original Net Tax <br />Capacity for th� City of Roseville Tax Increment Financing <br />District No. 12 is based on the value placed on the property <br />by the County Assessor in 1990. This Original Net Tax <br />Capacity is $1,046,200. Each year the Office of the County <br />Auditor will measur� �he amount of increase or decrease in <br />the total valu� Qf Tax Tncrement Financing District No. 12to <br />calculate the tax increment payable to Tax Incremen� <br />Financing District No. 12. In any year in wk�ich there is an <br />incr�ase in total N�et Tax Capacity, above �the Net Tax <br />�apacity, a tax increment will be payable. <br />The County Auditor �hall certify in each year after the date <br />the Ori.ginal Tax Capacity was certified, the amount of Tax <br />Capaci�y has increased or decreased as a result o£: <br />1. change in �ax exempt status of property; <br />2. reduction or enlargement of ti�e geoc�raphic <br />boundaries of the district; <br />3. change due ta stipulations, adjustments, <br />negotiated or caurt-ordered abatements. <br />Es�imated Captured Net Tax Gapacity <br />Pursuant to Minnesota Statu�es, Section 469.175 Subdivision <br />1 ar�d MinnesQta Statutes, Section 469.177 Subdivision 2, the <br />Net Tax Capacity of Tax Increment Financin� District No. 12 <br />will an�ually approximate $7,454,401 based upon fiscal <br />di.sparities being contributed from within Tax Increment <br />Financing District No. 12. The amount calculated include� <br />removal of the building. Land value has been calculated as <br />a constant. This amount will be captured for up �o twenty- <br />five years or until the City's outstanding tax increment <br />