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• M. ESTIMATED IMPACT ON OTHER TAXING JURISDICTIONS <br /> The estimated impact on other taxing jurisdictions assumes construction would have occurred <br /> without the creation of District No. 16. If the construction is a result of tax increment financing, the <br /> impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing <br /> jurisdictions is $0 due to the fact that the construction would not have occurred without the <br /> assistance of the city, the following estimated impact of District No. 16 would be as follows if the <br /> "but for" test was not met: <br /> IMPACT ON TAX BASE <br /> ENTITY'S % OF CAPTURED <br /> TOTAL NET CAPTURED TAX CAPACITY <br /> ENTITY TAX CAPACITY TAX CAPACITY TO ENTITY TOTAL <br /> Sherburne County 57,579,856 44,000 0.076% <br /> City of Elk River 10,694,856 44,000 0.411% <br /> School District No. 728 22,502,787 44,000 0.196% <br /> IMPACT ON TAX RATES <br /> CURRENT CAPTURED POTENTIAL <br /> ENTITY TAX RATE TAX CAPACITY TAXES <br /> • Sherburne County .23574 44,000 10,373 <br /> City of Elk River .24033 44,000 10,575 <br /> School District No. 728 .54530 44,000 23,993 <br /> Other .01360 44,000 598 <br /> TOTAL 1.03497 45,539 <br /> The estimates listed above display captured tax capacity when all construction is completed. The <br /> tax rates and tax capacities are the payable 1996 figures for all jurisdictions. District No. 16 will be <br /> certified under rates for tax year payable 1997. <br /> N. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT <br /> In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or <br /> enlargement of the geographic area of the project or tax increment financing district, increase in <br /> amount of bonded indebtedness to be incurred, including a determination to capitalize interest on <br /> debt if that determination was not a part of the original plan, or to increase or decrease the amount <br /> of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be <br /> retained by the City or Authority, increase in total estimated tax increment expenditures or <br /> designation of additional property to be acquired by the City or Authority shall be approved upon <br /> the notice and after the discussion, public hearing and findings required for approval of the original <br /> • plan. The geographic area of a tax increment financing district may be reduced, but shall not be <br /> enlarged after five years following the date of certification of the original tax capacity by the county <br />