7.4. SR 09-21-2020 - Laserfiche WebLink

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City of Elk River, Minnesota SPRINGSTED Page 9 The sum of all local tax rates that apply to property in the TIF District, for taxes levied in 2017 and payable in 2018 shall be the original tax capacity assuming the request for certification is made after June 30, 2017. The County Auditor shall certify the amount for taxes payable 2018 as the original tax capacity rate of the TIF District. For purposes of estimating the tax increment generated by the TIF District, the sum of the local tax rates for taxes levied in 2016 and payable in 2017, is 137.819% as shown below. 2016/2017 Taxing Jurisdiction Local Tax Rate City of Elk River 46.193% Sherburne County 50.458% ISD #728 36.659% Other 4.509% Total 137.819% Section P Projected Retained Captured Net Tax Capacity and Projected Tax Increment The City anticipates that the redevelopment will be completed by December 31, 2018, creating a total tax capacity for TIF District No. 24 of $40,398 as of January 2, 2019. The captured tax capacity as of that date is estimated to be $19,524 and the first full year of increment is projected to be in $26,908 in taxes payable 2020. A complete schedule of estimated tax increment from the TIF District is shown in Exhibit III. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. The estimates shown in this TIF plan assume that commercial-industrial class rates remain at 1.50% for value up to $150,000 and 2% for value above $150,000 of the estimated taxable value, and assume 3% annual increases in market values. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. The County Auditor shall certify to the City the amount of captured net tax capacity each year. The City may choose to retain any or all of this amount. It is the City's intention to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known as the retained captured net tax capacity of the TIF District. Exhibit II gives a listing of the various information and assumptions used in preparing a number of the exhibits contained in this TIF Plan, including Exhibit III which shows the projected tax increment generated over the anticipated life of the TIF District.