Laserfiche WebLink
<br />Subsection 2-13. Estimated Impact on Other Taxing Jurisdictions <br /> <br />The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF <br />Plan would occur without the creation of the District. However, the City has determined that such <br />development or redevelopment would not occur "but for" tax increment financing and that, therefore, the <br />fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as <br />follows if the "but for" test was not met: <br /> <br />IMPACT ON TAX BASE <br /> <br />Sherburne County <br />City of Elk River <br />ISO No. 728 <br /> <br />2003/2004 <br />Total Net <br />Tax Caoacitv <br />61,339,933 <br />14,994,764 <br />21,876,035 <br /> <br />Estimated Captured <br />Tax Capacity (CTC) <br />Uoon Comoletion <br />177,880 <br />177,880 <br />177,880 <br /> <br />Percent of CTC <br />to Entitv Total <br /> <br />0.2900% <br />1.1863% <br /> <br />0.8131% <br /> <br />IMPACT ON TAX RATES <br /> <br />Sherburne County <br />City of Elk River <br />ISO No. 728 <br /> <br />Other <br /> <br />Total <br /> <br />2003/2004 Percent Potential <br />Extension Rates of Total CTC Taxes <br />0.444050 36.19% 177,880 78,988 <br />0.437820 35.68% 177,880 77,879 <br />0.309530 25.22% 177,880 55,059 <br />0.035740 2.91% 177.880 6.357 <br />1.227140 100.00% 218,284 <br /> <br />The estimates listed above display the captured tax capacity when all construction is completed. The tax rate <br />used for calculations is the actual 2003/Pay 2004 rate. The total net capacity for the entities listed above are <br />based on actual Pay 2004 figures. The District will be certified under the actual 2004/Pay 2005 rates, which <br />were unavailable at the time this TlF Plan was prepared. <br /> <br />Subsection 2-14. Supporting Documentation <br /> <br />Pursuant to MS Section 469.175 Subd 1, clause 7 the TIF Plan must contain identification and description <br />of studies and analyses used to make the determination set forth in MS Section 469.175 Subd 3, clause (2) <br />and the findings are required in the resolution approving the TlF district. Following is a list of reports and <br />studies on file at the City that support the Authority's findings: <br /> <br />Public Comment Summary <br />Historic Context Study Summary <br />Housing Plan Summary 2001-2005 <br />Market Potential Analysis Summary 2000-2010 <br />Zoning Information for Downtown District <br />Downtown Revitalization Project Planning & Project History <br />Redevelopment Eligibility Assessment: Proposed "Downtown Revitalization Project" Redevelopment <br /> <br />City of Elk River <br /> <br />Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 <br /> <br />2-8 <br />