Laserfiche WebLink
Original Estimated Project Tax Capacity (upon completion of project) <br />less: Original Tax Capacity <br />Estimated Captured Tax Capacity <br /> <br />$130,046 <br /> 24t442 <br /> 105,604 <br /> <br />Estimated Annual Tax Increment (CTC x Tax Rate) <br /> <br />$126,141 <br /> <br />L. DURATION OF THE DISTRICT <br /> <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision lb, the duration of District No. 21 <br />must be indicated within the Plan. The duration of District No. 21 will be no more than eight years <br />after receipt by the City of the first increment which is expected in 2002. Thus it is estimated that <br />District No. 21, including any modifications of the Plan for subsequent phases or other changes, <br />would terminate at the end of the year 2010. The City reserves the right to decertify District No. 21 <br />prior to the 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. 21. After careful consideration and analysis, the City has <br />determined that construction would not occur without the creation of District No. 21. 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. 21 would be as follows if the "but for" test was not met: <br /> <br />ENTITY <br /> <br />Sherburne County <br />City of Elk River <br />School District No. 728 <br /> <br />IMPACT ON TAX BASE <br /> <br />ENTITY'S <br />TOTAL NET <br />TAX CAPACITY <br /> <br />ESTIMATED <br />CAPTU RE D <br />TAX CAPACITY <br /> <br />59,143,714 <br />13,208,236 <br />17,985,332 <br /> <br />105,604 <br />105,604 <br />105,604 <br /> <br /> % OF CAPTURED <br />TAX CAPACITY <br />TO ENTITY TOTAL <br /> <br />.0018% <br />.0080% <br />.0059% <br /> <br />ENTITY <br /> <br />Sherburne County <br />City of Elk River <br />School District No. 728 <br />Other <br /> <br />TOTAL <br /> <br />CURRENT <br />TAX RATE <br /> <br />.31468 <br />.3O248 <br />.56O27 <br />.01705 <br /> <br />1.19448 <br /> <br />IMPACT ON TAX RATES <br /> <br />PERCENT <br />OF TOTAL <br /> <br /> CAPTURED <br />TAX CAPACITY <br /> <br />.26 <br />.25 <br />.47 <br />.01 <br /> <br />105,604 <br />105,604 <br />105,604 <br />105,604 <br /> <br />1.00 <br /> <br />POTENTIAL <br />TAXES <br /> <br />33,231 <br />31,943 <br />59,167 <br />lt801 <br /> <br />126,142 <br /> <br />Tax Increment Financing District No. 21 Page II-6 <br /> <br /> <br />