4.1. SR 02-17-1998 - Laserfiche WebLink

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M. ESTIMATED IMPACT ON OTHER TAXING IURISDICTIONS The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of District No. 17. After careful consideration and analysis, the Authority has determined that construction would not occur without the creation of District 17. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the construction would not have occurred without the assistance of the City, the following estimated impact of District No. 1 7 would be as follows if the "but for" test was not met: ENTITY IMPACT ON TAX BASE ENTITY'S TOTAL N ET TAX CAPACITY ESTIMATED CAPTURED TAX CAPACITY % OF CAPTURED TAX CAPACITY TO ENTITY TOTAL Sherburne County 63,007,347 25,904 .041% City of Elk River 12,251,909 25,904 .211% School District No. 728 25,234,529 25,904 .103 % IMPACT ON TAX RATES CURRENT PERCENT CAPTURED POTENTIAL ENTITY TAX RATE OF TOTAL TAX CAPACITY TAXES Sherbume County .24392 .22 25,904 6,318 City of Elk River .24683 .22 25,904 6,394 School District No. 728 .62359 .55 25,904 16,153 Other .01333 .01 25,904 345 TOTAL 1.12767 1.00 29~210 The estimates listed above display captured tax capacity when all construction is completed. The tax rates and tax capacities are the payable 1997 figures for all jurisdictions. District No. 1 7 will be certified under rates for tax year payable 1998 which were unavailable at the time of preparation of this Plan. N. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the City or Authority, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the City or Authority shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original Tax Increment Financing District No. 17 Page II-7