3.0. SR 12-13-1993 - Laserfiche WebLink

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e 2. Bonded Indebtedness The Elk River Economic Development Authority is proposing to privately place a tax increment note in the amount of $195,000 through a lending institution to finance the costs associated with Tax Increment Financing District No. 12. Additional tax increments totalling $70,000 will be collected to recover the value of the land. 3. Sources of Revenue to Pay Public Costs Tax Increments collected from the Kjellberg retail facility will be used to pay the public costs associated with Tax Increment Financing District No. 12. 4. Oriqinal Tax Capacity The original net tax capacity, based on the January 2, 1992, valuation, for the real property in Tax Increment District No. 12 is estimated to be $0.00. The County Auditor Certification attributable to this value is attached as Exhibit C. e 5. Estimated Captured Tax Capacity The finished market value upon completion of the improvements in Tax Increment Financing District No. 12 is estimated at $625,000. This value translates into a completed net tax capacity estimated at $27,150. The captured net tax capacity is estimated as follows: Completed Net Tax Capacity Less Original Net Tax Capacity Equals Captured Net Tax Capacity $27,150 -0- $27,150 One hundred percent of the captured net tax capacity of Tax Increment Financing District No. 12 will be required to finance the public redevelopment costs associated with District No. 12. As a result, the City of Elk River elects, pursuant to Minnesota Statute 469.177 Subdivision 2 (a) (1), to retain the full captured net tax capacity of Tax Increment Financing District No. 12. 6. Duration of the Tax Increment Financinq District No. 12 e The City of Elk River expects that increment it will receive from Financing District No. 12 will be for the first Tax Increment taxes payable