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Original Estimated Project Tax Capacity (upon completion of project) $130,046 <br /> less: Original Tax Capacity 24,442 <br /> Estimated Captured Tax Capacity 105,604 <br /> Estimated Annual Tax Increment (CTC x Tax Rate) $126,141 <br /> L. DURATION OF THE DISTRICT <br /> Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1b, 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 /> 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. 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 /> IMPACT ON TAX BASE <br /> ENTITY'S ESTIMATED % OF CAPTURED <br /> TOTAL NET CAPTURED TAX CAPACITY <br /> ENTITY TAX CAPACITY TAX CAPACITY TO ENTITY TOTAL <br /> Sherburne County 59,143,714 105,604 .0018% <br /> City of Elk River 13,208,236 105,604 .0080% <br /> School District No. 728 17,985,332 105,604 .0059% <br /> IMPACT ON TAX RATES <br /> CURRENT PERCENT CAPTURED POTENTIAL <br /> ENTITY TAX RATE OF TOTAL TAX CAPACITY TAXES <br /> Sherburne County .31468 .26 105,604 33,231 <br /> City of Elk River .30248 .25 105,604 31,943 <br /> School District No. 728 .56027 .47 105,604 59,167 <br /> Other .01705 .01 105,604 1,801 <br /> • TOTAL 1.19448 1.00 126,142 <br /> Tax Increment Financing District No.21 Page 11-6 <br />