Laserfiche WebLink
Exhibit IV SPRINGSTED Page 17 City of Elk River, MinnesotaTax Increment Financing (Housing) District No. 25Jackson Hills 40 Unit Housing DevelopmentUpdated Draft TIF Plan Exhibits based on $3.31M EMV (40 units)WithoutProject or TIF District With Project and TIF DistrictProjected Hypothetical2017/2018 2017/2018 Retained New Hypothetical Hypothetical Tax GeneratedTaxable 2017/2018 Taxable Captured Taxable Adjusted Decrease In by RetainedTaxing Net Tax Local Net Tax Net Tax Net Tax Local Local CapturedJurisdiction Capacity (1) Tax Rate Capacity (1) + Capacity = Capacity Tax Rate (*) Tax Rate (*) N.T.C. (*)City of Elk River 24,046,382 46.011% 24,046,382 $40,611 24,086,993 45.933% 0.078% 18,654Sherburne County 93,911,430 49.356% 93,911,430 40,611 93,952,041 49.335% 0.021% 20,035ISD #728 35,598,327 36.137% 35,598,327 40,611 35,638,938 36.096% 0.041% 14,659Other (2) --- 4.269% --- 40,611 --- 4.269% --- --- Totals 135.773% 135.633% 0.140% * Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each ofthe taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above)which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax ratewould decrease by 0.140% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that theRetained Captured Net Tax Capacity of the TIF District would generate is also shown above.Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions,then there is no impact on taxes levied or local tax rates. (1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. (2) The impact on these taxing jurisdictions is negligible since they represent only 3.14% of the total tax rate.