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LOCAL HOUSING INCENTIVES ACCOUNT <br />CITY: MIN^^TONKA <br />A. FORMLTLA: (All years below are for assessment vear.'l <br />1993 (pay 1994) Average Value Home: <br />Market Value Base Amount (2 x *93 Average) <br />S 140.0QQ <br />S 280.000 <br />1994 (pay 1995) Homestead Tax Capacity in excess of MV base amt = <br />$2.866.994 <br />1993 (pay 1994) Homestead Tax Capacity in excess of MV base amt. « <br />■ •$2.335.711 <br />Growth in Homestead Net Tax Capacity excess from 1993 <br />assessment to 1994 assessment for purposes of calculating <br />pay 1996 estimated affordable and life-cvcle <br />housing opportunities amount.$ 531.283 <br />Growth in Homestead Net Tax Capacity excess x pay 1995 <br />tax rate = affordable and h'fe-cvcle housing opportunities amount <br />$531,283* X 20% *=$^07,819 <br />*Growth in Homestead Net Tax Capacity excess cannot exceed 4% of total <br />Homestead Tax Capacity (4% of total Homestead Tax Capacity in Minnetonka is <br />$1.4 million x 20% or $280.000. so this capacity does not affect Minnetonka in <br />year one.) <br />B. NEGOTIATION PROCESS: <br />1995 ~ City of Minnetonka neeotiates with the Metropolitan Council as to: <br />1. Affordable Housing Goal <br />Local im'tiatives that will help to meet goals <br />Metropolitan Council (region) has Snal say as to goal. <br />City of Miimetonka has final say as to acceptable local initiatives.