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6.1
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1997
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10-28-1997
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6.1
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The cash flow analysis attached as Exhibit C to this plan <br /> • includes an estimate of the amounts of additional revenues <br /> which may be needed to meet the debt service on the proposed <br /> indebtedness . <br /> H. ESTIMATED IMPACT OF THE TIF DISTRICT ON OTHER TAXING <br /> JURISDICTIONS <br /> 1 . Estimated Impact of the TIF District on Assessed <br /> Values of Other Taxing Jurisdictions Assuming that the <br /> Estimated Captured Assessed Value Would be Available <br /> to Other Taxing Jurisdictions Without Creation of TIF <br /> District No. 5 . <br /> Pursuant to Minnesota law, tax increment generated by <br /> development within the TIF District may only be captured by the <br /> City for a period of eight years . During this eight-year . <br /> period other taxing jurisdictions will continue to receive <br /> taxes from the property within the TIF District based on the <br /> • current assessed value (or "original assessed value" ) of the <br /> property, just as if no development had occurred on the <br /> property. In fact, state law requires the County Auditor to <br /> increase the original assessed value of the property in the TIF <br /> District (the value available to other jurisdictions for <br /> taxation) by, in this instance, 3% per year to account for <br /> normal inflation . <br /> Attached as Exhibit D to this TIF Plan is a schedule which <br /> shows the impact of the TIF District on the assessed values of <br /> other taxing jurisdictions assuming that the estimated captured <br /> assessed value would be available to the other taxing <br /> jurisdictions without creation of the TIF District. This <br /> schedule shows the estimated total assessed value for each <br /> • <br /> jurisdiction for each year of the TIF District (assuming that <br /> 12 . <br />
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