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f <br />MII~~TNESOTA <br />• <br />• <br />of Revenue <br />Property Tax Division <br />1996 LOCAL GOVERNMENT AID NOTICE <br />ELK RIVER CITY OF <br />CITY ADMINISTRATOR <br />CITY HALL <br />13065 ORONO PKWY BOX 490 <br />ELK RIVER, MN 55330 <br />a~ <br />Mail Station 3340 St. Paul, MN 55146-3340 <br />Phone (612) 296-5141 Fax (612) 297-2166 <br />THE 1996 LOCAL GOVERNMENT AID FOR YOUR CITY IS: <br />JULY 21, 1995 <br />$ 253, 568 <br />THE FOLLOWING IS A LISTING OF THE FACTORS USED IN THE CALCULATION. OF YOUR <br />CIT1"S i996 LOCAL GOVERP~MENT AID. SEE THc ENCLOSED LETTER FOR AN <br />EXPLANATION OF THESE FACTORS AND FOR .ADDITIONAL INFORMATION <br />CONCERNING THE DETERMINATION OF YOUR CITY'S. LOCAL GOVERNMENT AID. <br />1. PRE-1940 .HOUSING UNITS: 289 <br />2. .TOTAL HOUSING UNITS: 3,gg7 <br />3. PRE-1940 HOUSING PERCENTAGE: 7.44 °!o <br />4. 1984 POPULATION; 7,426 <br />5. 1994 POPULATION: 12,811 <br />6. POPULATION DECLINE PERCENTAGE: 0.00 <br />7. 1994 TOTAL CLASS 3 REAL PROPERTY MARKET VALUE: $ 74,016,687 <br />8. 1994 TOTAL REAL AND PERSONAL MARKET VALUE: $ 470,981,822 <br />9. COMMERCIAUINDUSTRIAL PERCENTAGE: 15.72 <br />10. TRANSFORMED POPULATION: 697.88 <br />11. CITY REVENUE NEED: $ 226.88 <br />12. PAYABLE 1995 CITY NET LEVY: $ 2,223,352 <br />13. PAYABLE 1995 CITY NET TAX CAPACITY: $ 10,135,174 <br />14. TAX EFFORT RATE: 0.246961 <br />15. NEED INCREASE PERCENTAGE:. 0.051474 °lo <br />16. CITY AID BASE: <br />17. CITY FORMULA AID (15x(11x5)-(13x14)): <br />18. PRELIMINARY AID (16+17): <br />19. 1995 LOCAL GOVERNMENT AID: <br />20. MAXIMUM AlD: <br />21. 1996 LGA BEFORE REDUCTIONS (LESSER OF 18 OR 20): <br />22. REDUCTION FOR STATE COSTS: <br />23. REDUCTION FOR ESTABLISHMENT OF TIF DISTRICT: <br />$ 233,152 <br />$- 20,773 <br />$ 253,925 <br />$ 247,482 <br />$ 469,817 <br />$ 253,925 <br />357 <br />0 <br />$ <br />24. FINAL 1996 LOCAL GOVERNMENT A!D AFTER REDUCTIONS <br />An equal opportunit}-employer TDD: (612) 215-0059 <br />253,568 <br />