5.0. EDSR 02-09-1998 - Laserfiche WebLink

Home Browse Search

• modifications of the Plan for subsequent phases or other changes, would terminate at the end of the year 2008. The City and the Authority reserve the right to decertify District No. 18 prior to the legally required date. M. ESTIMATED IMPACT ON OTHER TAXING IURISDICTIONS The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of District No. 18. After careful consideration and analysis, the Authority has determined that construction would not occur without the creation of District 18. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the construction would not have occurred without the assistance of the City, the following estimated impact of District No. 18 would be as follows if the "but for" test was not met: IMPACT ON TAX BASE ENTITY'S ESTIMATED % OF CAPTURED TOTAL NET CAPTURED TAX CAPACITY ENTITY TAX CAPACITY TAX CAPACITY TO ENTITY TOTAL Sherburne County 63,007,347 67,511 .107% City of Elk River 12,251,909 67,511 .551% • School District No. 728 25,234,529 67,511 .268% IMPACT ON TAX RATES CU RRENT PERCENT CAPTU RED POTENTIAL ENTITY TAX RATE OF TOTAL TAX CAPACITY TAXES Sherburne County .24392 .22 67,511 16,468 City of Elk River .24683 .22 67,511 16,664 School District No. 728 .62359 .55 67,511 42,099 Other .01333 .01 67,511 900 TOTAL 1.12767 1.00 76,131 The estimates listed above display captured tax capacity when all construction is completed. The tax rates and tax capacities are the payable 1997 figures for all jurisdictions. District No. 18 will be certified under rates for tax year payable 1998 which were unavailable at the time of preparation of this Plan. N. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on • debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be Tax Increment Financing District No.18 Page 11-7