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• net tax capacity estimated at $12,200. The captured net tax <br /> capacity is estimated as follows: <br /> Completed Net Tax Capacity $12,200 <br /> Less Original Net Tax Capacity 1.150 <br /> Equals Captured Net Tax Capacity $11,050 <br /> One hundred percent of the captured net tax capacity of Tax <br /> Increment Financing District No. 15 will be required to finance <br /> the public costs associated with District No. 15. As a result, the <br /> City of Elk River elects, pursuant to Minnesota Statute 469.177 <br /> Subdivision 2 (a)(1), to retain the full captured net tax capacity <br /> of Tax Increment Financing District No. 15. <br /> 6. Duration of the Tax Increment Financing District No. 15 <br /> The City of Elk River expects that the first increment it will <br /> receive from Tax Increment Financing District No. 15 will be for <br /> taxes payable in 1998, and will be based on a completed value as <br /> of January 2, 1997. The City expects to continue to receive tax <br /> increment from Tax Increment District No. 15 up to and <br /> including the year 2001, or until approximately $37,000 in tax <br /> increment has been received. Thereafter, no further increments <br /> may be received and Tax Increment Financing District No. 15 <br /> will terminate. <br /> • F. CASH FLOW ANALYSIS <br /> Attached as Exhibit D is the Cash Flow Analysis for Tax Increment <br /> Financing District No. 15. <br /> G. IMPACT ON OTHER LOCAL TAXING JURISDICTIONS <br /> 1. Estimated Impact of District No. 15 on the Taxing Jurisdictions <br /> Assuming the Captured Net Tax Capacity is Available to the <br /> Taxing Jurisdictions Without Creation of District No. 15: <br /> Pursuant to Minnesota law, tax increment generated by <br /> development within the Tax Increment Financing District may <br /> be captured by the City for a period of up to eight years. During <br /> this period other taxing jurisdictions will continue to receive <br /> taxes from the property within the Tax Increment Financing <br /> District based on the current net tax capacity. <br /> 2. Estimated Impact of District No. 15 on the Taxing Jurisdictions <br /> Assuming None of the Captured Net Tax Capacity is Available <br /> to Taxing Jurisdictions Without Creation of District No. 15: <br /> The Economic Development Authority of the City of Elk River <br /> has determined that the McChesney Cabinets project would not <br /> reasonably be expected to occur without the creation of TIF <br /> • District No. 15 and the use of tax increment financing is <br /> necessary. Therefore, none of the net tax capacity captured <br />