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The original tax capacity and project tax capacity are estimated at current market values and class <br />rates to be the total amount when all development is in place and uses of the property have <br />changed. <br /> <br />Estimated Project Tax Capacity <br />less Original Tax Capacity <br />Estimated Captured Tax Capacity <br /> <br />44,000 <br /> 0 <br />44,000 <br /> <br />L. DURATION OF THE DISTRICT <br /> <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1, the duration of District No. 16 <br />must be indicated within the Plan. The duration of District No. 16 will be 25 years from payment <br />of the first tax increment expected in 1999. Thus, it is estimated that District No. 16, including any <br />modifications of the Plan for subsequent phases or other changes, would terminate at the end of the <br />year 2023. The City and the Authority reserve the right to decertify District No. 16 prior to the <br />legally required date. <br /> <br />M. ESTIMATED IMPACT ON OTHER TAXING JURISDICTIONS <br /> <br />The estimated impact on other taxing jurisdictions assumes construction would have occurred <br />without the creation of District No. 16. After careful consideration and analysis, the Authority has <br />determined that construction would not occur without the creation of District 16. If the <br />construction is a result of tax increment financing, the impact is $0 to other entities. <br />Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact <br />that the construction would not have occurred without the assistance of the city, the following <br />estimated impact of District No. 16 would be as follows if the "but for" test was not met: <br /> <br />IMPACT ON TAX BASE <br /> <br />ENTITY <br /> <br />ENTITY'S <br />TOTAL N ET <br />TAX CAPACITY <br /> <br /> CAPTURED <br />TAX CAPACITY <br /> <br /> % OF CAPTURED <br />TAX CAPACITY <br />TO ENTITY TOTAL <br /> <br />Sherburne County <br />City of Elk River <br />School District No. 728 <br /> <br />57,579,856 <br />10,694,856 <br />22,502,787 <br /> <br />44,000 <br />44,000 <br />44,000 <br /> <br />0.076% <br />0.411% <br />0.196% <br /> <br />ENTITY <br /> <br />Sherburne County <br />City of Elk River <br />School District No. 728 <br />Other <br /> <br />TOTAL <br /> <br />IMPACT ON TAX RATES <br /> <br />CURRENT <br />TAX RATE <br /> <br /> CAPTURED <br />TAX CAPACITY <br /> <br />.23574 <br />.24033 <br />.54530 <br />.01360 <br /> <br />44,000 <br />44,000 <br />44,000 <br />44,000 <br /> <br />1.03497 <br /> <br />POTENTIAL <br />TAXES <br /> <br />10,373 <br />10,575 <br />23,993 <br /> 598 <br /> <br />45,539 <br /> <br />Tax Increment Financing District No. 16 Page II-6 <br /> <br /> <br />