6.1. SR 11-01-2004 - Laserfiche WebLink

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estimate of values when the project is completed. Project Estimated Tax Capacity upon Completion (PTC) 195,621 Original Estimated Net Tax Capacity (ONTC) 17,741 Estimated Captured Tax Capacity (CTC) 177,880 1.22714 218,284 Pay 2004 Original Local Tax Rate Estimated Annual Tax Increment(CTC x Local Tax Rate) Percent Retained by the City 100% Pursuant to MS, Section 469.177, Subd. 4, the City shall, after a due and diligent search, accompany its request for certification to the County Auditor or its notice of the District enlargement pursuant to MS. Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which building permits have been issued during the eighteen (18) months immediately preceding approval of the TlF Plan by the municipality pursuant to MS, Section 469.175. Subd. 3. The County Auditor shall increase the original net tax capacity of the District by the net tax capacity of improvements for which a building permit was issued. The City has reviewed the area to be included in the District and found that some building permits have been issued in the past 18 months, but none that should increase the original tax capacity. Please see Appendix E for the building permits that were issued. Subsection 2-9. Sources of Revenue/Bonded Indebtedness Public improvement costs, acquisition, relocation, utilities, parking facilities, streets and sidewalks, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The City reserves the right to use other sources of revenue legally applicable to the City and the TlF Plan, including, but not limited to, special assessments, general property taxes, state aid for road maintenance and construction, proceeds from the sale of land, other contributions from the developer and investment income, to pay for the estimated public costs. The City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TlF Plan. As presently proposed, the project will be financed by a pay-as-you-go note and interfund loans. Based on an analysis of need, the City may provide additional assistance to the redeveloper by reducing their SAC and WAC charges and may reduce the sale price ofland it is providing for the development. It is the Cities intent to pay itself back for these advances from tax increment from the district. Additional indebtedness may be required to finance other authorized activities. The total principal amount of bonded indebtedness, including a general obligation (GO) TIF bond, or other indebtedness related to the use of tax increment financing will not exceed $8,000,000 without a modification to the TlF Plan pursuant to applicable statutory requirements. It is estimated that $8,000,000 in bonded indebtedness will be financed with tax increment revenues. This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The City may also finance the ac- tivities to be undertaken pursuant to the TlF Plan through loans from funds of the City or to reimburse the developer on a "pay-as-you-go" basis for eligible costs paid for by a developer. The estimated sources offunds for the District are contained in the table on the following page. City of Elk River Tax Increment Financing Plan fOf Downtown Phase I Tax Increment Financing District No. 22 2-5