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N. <br />The finance plan indicates we anticipate a tax increment at build out as <br />follows: <br />Captured Assessed Estimated Tax <br />Valuation Increment Received <br />Tax Increment Finance District $ 674,280 $ 689000 <br />Based on the current mill rate, the estimated taxes received would be as <br />follows for the taxing bodies: <br />Mills <br />Percent <br />Tax Increment <br />City <br />12.548 <br />13% <br />$ 81840 <br />County <br />27.143 <br />27% <br />189360 <br />School District #623 <br />53.546 <br />53% <br />360040 <br />Other <br />7.323 <br />7% <br />4 ,760 <br />Total <br />100.560 <br />100.0% <br />$689000 <br />The following table represents the additional mills that would have to be <br />levied to compensate for the loss of tax dollars in estimated tax increments <br />for each taxing jurisdiction. The tax increments derived from the elderly <br />housing alluded to In the tax increment district would not be available to <br />any of the taxing jurisdictions were it not for public Intervention by the <br />City. Although the increases in assessed value due to development will not <br />be i vailable for the application of the mill levy for the duration of the tax <br />increment financing district, this new assessed value could eventually <br />permit a mill levy decrease. If it could be assumed that the captured <br />assessed value was available for each taxing jurisdiction, the non-reeeipt of <br />tax dollars represented as tax Increments may be determined. This <br />determination Is facilitated by estimating how much the mill levy for <br />property outside of the tax Increment financing district would have to be <br />increased to raise the same amount of tax dollars In each taxing jurisdiction <br />that would be available if the projects occurred without the assistance of <br />the City. <br />Adjusted* 8 Tax <br />Armed Value mills Inch <br />School District $ 424,760,000 .085 $ 36,040 <br />County $3,248,715,000 .005 $ 18,360 <br />City $ 3400077,000 .026 $ 81840 <br />*Tax Increment District assessed valuation subtracted. <br />Modifications of the Tax Increment Financing District <br />In accordance with Minnesota Statutes, Section 273.74, SubdIvIsion 4, any <br />reduction or enlargement -oT the g ographic area of the project or tax <br />Increment financing district, Increase In amount of bonded indebtedness to <br />be incurred, Including a determination or capitalize interest on debt If that <br />10 <br />