3.2. SR 07-13-1998 - Laserfiche WebLink

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Estimated Impact on Other Taxi,!,2 J?!s ,dictions Report City of Elk River, Minnesota Tax Increment Financing (Redevelopment) District No. 19 (U.S. Highway 169 and County Highway 12 Project) Taxing Jurisdiction City of Elk River Sherburne County lSD #728, Elk River Other (2) Totals Without Project or TIF District With Project and TIF District Projected 1997/98 1997/98 Retained New Taxable 1997/98 Taxable Captured Taxable Net Tax Local Net Tax Net Tax Net Tax Capacity (11 Tax Rate Capacity I1) + Capacity = Capacity 12,383,123 26.255% 12,383,123 1,260,000 13,643,123 58,246,430 27.235% 58,246,430 1,260,000 59,506,430 26,39o,619 56.539% 26,390,619 1,260,000 27,650,619 -- 1.475% -- 1,260,000 -- Hypothetical Adjusted Local Tax Rate (*) 23.830% Hypothetical Decrease In Local Tax Rate 2.425% 26.658% Hypothetical Tax Generated by Retained Captured N.T.C. (*) 300,261 0.577% 53.963% 335,895 2.576% 1.475% 679,929 111.504% 105.926% 5.578% Statement 1: Statement 2: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each of the taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above) which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax rate would decrease by 5.578% (see. Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that the Retained Captured Net Tax Capacity ol~ the TIF District would generate is also shown above. Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions, then there is no impact on taxes levied or local tax rates. (1) Taxable net tax capacity = total net tax capacity - captured TIF. (2) The impact on these taxing jurisdictions is negligible since they represent only 1.32% of the total tax rate. Prepared by: Sprinq~ t::d Incorporated (7/1198)