5.16. SR 06-19-1995 - Laserfiche WebLink

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5. Estimated Captured Tax Capacity The finished market value upon completion of the • improvements in Tax Increment Financing District No. 12 is estimated at $375,000. This value translates into a completed net tax capacity estimated at $15,650. The captured net tax capacity is estimated as follows: Completed Net Tax Capacity $15,650 Less Original Net Tax Capacity 2.300 Equals Captured Net Tax Capacity $13,350 One hundred percent of the captured net tax capacity of Tax Increment Financing District No. 12 will be required to finance the public costs associated with District No. 12. As a result, the City of Elk River elects, pursuant to Minnesota Statute 468.177 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 Financine District No. 12 The City of Elk River expects that the first increment it will receive from Tax Increment Financing District No. 12 will be for taxes payable in 1997, and will be based on a completed value as of January 2, 1996. The City expects to continue to receive tax increment from Tax Increment District No. 12 up to and including the year 2002, or until $80,000 in tax increment has been received. Thereafter, no further increments may be • received and Tax Increment Financing District No. 12 will terminate. F. CASH FLOW ANALYSIS Attached as Exhibit D is the Cash Flow Analysis for Tax Increment Financing District No. 12. G. IMPACT ON OTHER LOCAL TAXING JURISDICTIONS 1. Pursuant to Minnesota law, tax increment generated by development within the Tax Increment Financing District may be captured by the City for a period of up to eight years. During this period other taxing jurisdictions will continue to receive taxes from the property within the Tax Increment Financing District based on the current net tax capacity. •