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City of Elk River, Minnesota <br /> <br />Each year the County Auditor shall certify the amount that the odginal net tax capacity has <br />increased or decreased as a result of:. <br /> <br />(1) <br /> <br />(2) <br /> <br />(3) <br /> <br />(4) <br /> <br />changes in the tax-exempt status of property; <br /> <br />reductions or enlargements of the geographic area of the TIF District; <br />changes due to stipulation agreements or abatements; or <br />changes in property classification rates. <br /> <br />Section O Original Tax Capacity Rate <br /> <br />The County Auditor shall also certify the odginal tax capacity rate of the TIF District. This rate <br />shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be <br />for the same taxes payable year as the original net tax capacity. <br /> <br />In future years, the amount of tax increment generated by the TIF District will be calculated <br />using the lesser of (a) the sum of the current local tax rates at that time or (b) the original tax <br />capacity rate of the TIF District. <br /> <br />At the time this document was prepared, the sum of all local tax rates that apply to property in <br />the TIF District, for taxes levied in 1998 and payable in 1999, was not yet available. When this <br />total becomes available, the County Auditor shall certify this amount as the original tax capacity <br />rate of the TIF District. For purposes of estimating the tax increment generated by the TIF <br />District, the sum of the local tax rates for taxes levied in 1997 and payable in 1998, is 111.504% <br />as shown below. <br /> <br />Taxinq Jurisdiction <br /> <br /> 1997/1998 <br />Local Tax Rate <br /> <br />City of Elk River 26.255% <br />Sherbume County 27.235% <br />ISD #728 56.539% <br />Elk River HRA .633% <br />Elk River EDA .- - .842% <br /> <br />Total 111.504% <br /> <br />Section P <br /> <br />Projected Retained Captured Net Tax Capacity and <br />Projected Tax Increment <br /> <br />Each year the County Auditor shall determine the current net tax capacity of all property in the <br />TIF District. To the extent that this total exceeds the original net tax capacity, the difference <br />shall be known as the captured net tax capacity of the TIF District. <br /> <br />The County Auditor shall certify to the City the amount of captured net tax capacity each year. <br />The City may choose to retain any or all of this amount. It is the City's intention to retain 100% <br />of the captured net tax capacity of the TIF District. Such amount shall be known as the retained <br />captured net tax capacity of the TIF District. <br /> <br />SPRINGSTED Page 7 <br /> <br /> <br />