Public Hearing RE Elements of Financial Package for rono Woods

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1 IMPACT ON TAX RATES 2000/2001 Percent Potential Extension Rates of Total CTC Taxes Hennepin County 0.376240 36.18% 72,365 27,227 City of Orono 0.137080 13.18% 72,365 9,920 Orono ISD No. 278 0.431840 41.52% 72,365 31,250 Other 0.094890 9.12% 72,365 6,867 Total 1.040050 100.00% 75,263 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate and total net tax capacities used for calculations is for taxes payable in 2001. Subsection 2-21.Supporting Documentation Pursuant to M.S.Section 469.175 Subd la, clause 7 the TIF Plan must contain identification and description of studies and analyses used to make the determination set forth in M.S. Section 469.175 Subd 3, clause(2). Following is a list of reports and studies on file at the Authority that support the authority's findings: A list of applicable studies, if any, will be listed here prior to the public hearing. Subsection 2-22. Modifications The Authority reserves the right to make future modifications to the TIF Plan and District. In accordance with the TIF Act(MS. Section 469.175, Subd. 4) the following modifications may be made only upon the notice and after the discussion,public hearing and findings required for approval of the original TIF Plan: 1. reduction or enlargement of the geographic area of Housing Project Area No. 1 or the District; 2. increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan,or to increase or decrease the amount of interest on the debt to be capitalized; 3. increase in the portion of the captured net tax capacity to be retained by the Authority; 4. increase in total estimated tax increment expenditures; or 5. designation of additional property to be acquired by the Authority, Subsection 2-23. Time Factors 1. District Enlargement Pursuant to M.S. Section 469.175 Subd. 4(b),the geographic area of the District may be reduced,but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor. If a housing district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of M.S., Section 469.174, Subd. 11 must be documented. The requirements of this paragraph do not apply if(1)the only modification is elimination of parcel(s)from Housing Project Area No. 1 or the District and(2)(A)the current net tax capacity of the parcel(s)eliminated from the District equals or exceeds the net tax capacity Orono HRA Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 2-9