5.14. SR 09-18-1995 - Laserfiche WebLink

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5. Estimated Captured Tax Capacity The finished market value upon com letion of th improvements in Tax Increment Financing District No. 13 is estimated at $675,000. This value translates into a completed net tax capacity estimated at $29,450. The captured net tax capacity is estimated as follows: Completed Net Tax Capacity $29,450 Less Original Net Tax Capacity 938 Equals Captured Net Tax Capacity $28,512 One hundred percent of the captured net tax capacity of Tax Increment Financing District No. 13 will be required to finance the public costs associated with District No. 13. 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. 13. 6. Duration of the Tax Increment Financin District No. 13 The City of Elk River expects that the first increment it will receive from Tax Increment Financing District No. 13 will be for taxes payable in 1998, and will. be based on a completed value as of January 2, 1997. The City expects to continue to receive tax increment from Tax Increment District No. 13 up to and including the year 2003, or until $177,500 in tax increment has been received. Thereafter, no further increments may be received and Tax Increment Financing District No. 13 will terminate. F. CASH FLOW ANALYSIS Attached as Exhibit D is the Cash Flow Analysis for Tax Increment Financing District No. 13. G. IlVIPACT 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 nine 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. •