5.12 - Laserfiche WebLink

Home Browse Search

• i 0 - EXHIBIT E IMPACT OF TAX INCREMENT FINANCING DISTRICT NO. 15 ON OTHER MAJOR TAXING JURISDICTIONS City of Elk River,Minnesota Without Project With Project Projected Negative 1995/1996 1996 1996 1995/1996 Projected New Tax 1995/1996 Adjusted Tax Capacity Captured Impact on Tax Capacity Ad Valorem Tax Capacity Tax Capacity Captured Tax Capacity Ad Valorem Tax Capacity Rate Tax Capacity Other Taxing Value Taxes Levied Rate Value Capacity Value Value Taxes Levied Rate Impact Value Jurisdictions City of Elk River $10,694,856 S 2,570,439 24.033% $10,694,856 $11,000 $10,705,856 $ 2,570,439 24.010 0.023 SI 1,000 $253 Sherbume Country $54,255,803 $13,555,651 23.574% $57,579,856 $11,000 $57,590,856 $13,555,651 23.538 0.036 S11,000 $396 ISD 728 $19,431,867 $12,305,019 54.530% $22,502,787 $11,000 $22,513,787 $12,305,019 54.503 0.027 $11,000 $297 Other 1.3600/u $11,000 1.360 $11,000 , Q TOTALS 103.497 103.411 0.086 $946 STATEMENT 1: The 1995/1996 tax capacity value times the 1995/1996 tax capacity rate produces 1995/1996 taxes generated. If the captured tax capacity value was available to each taxing jurisdiction,the result would be a lower or adjusted tax capacity rate which would produce the same amount of taxes. Thus,with the addition of captured value$11,000.the tax capacity rate for the above-selected major taxing jurisdictions would be reduced by a rate of.086%to an adjusted tax capacity of$103.411%. The captured tax capacity times the adjusted tax capacity rate of 103.411%would generate$946 in increment income,which represents the loss of new revenues if the development had not occurred without inclusion in a Tax Increment District. STATEMENT 2: If no captured tax capacity value is available to each of the taxing jurisdictions,there is no impact on the taxes heretofore levied,and therefore,no impact on tax capacity rates. NOTE: The impact on"other"taxing jurisdictions is negligible since those jurisdictions represent approximately 1.0%of the overall tax levy.