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City of Elk River, Minnesota <br /> Each year the County Auditor shall certify the amount that the original net tax capacity has <br /> • increased or decreased as a result of: <br /> (1) changes in the tax-exempt status of property; <br /> (2) reductions or enlargements of the geographic area of the TIF District; <br /> (3) changes due to stipulation agreements or abatements; or <br /> (4) changes in property classification rates. <br /> Section 0 Original Tax Capacity Rate <br /> The County Auditor shall also certify the original 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 /> 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 /> 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 /> 1997/1998 <br /> Taxing Jurisdiction Local Tax Rate <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 /> Total 111.504% <br /> Section P Projected Retained Captured Net Tax Capacity and <br /> Projected Tax Increment <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 /> 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 /> SPRINGSTED Page 7 <br />