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City of Pequot Lakes
<br />Tax Increment Financing District 2 -2
<br />STATEMENT OF FISCAL AND ECONOMIC IMPACTS
<br />Statement #1: If all of the projected captured net tax capacity of the project were hypothetically immediately available to each taxing
<br />jurisdiction if TIF were not used, the tax capacitieis of each jurisdiction would be increased by the amounts shown
<br />above, and the local tax rates of each jurisdiction would be decreased by the amounts shown.
<br />Statement #2: As the projected captured tax capacity of the proejct would not be available without the use of TIF, the tax
<br />capacities and tax rates of each jurisdiction will not be affected.
<br />Statement #3: The estimated amount of tax increment (gross increment after State Auditor's deduction) generated over the life of the
<br />TIF District is estimated to be: $ 802,487
<br />Statement #4: The estimated amount of increment is attributed to the local tax levies and captured as a result of the creation
<br />of this TIF District for the following local units:
<br />City of Pequot Lakes $ 482,357
<br />Crow Wing County $ 231,765
<br />School District #186 $ 76,761
<br />Statement #5: It is expected that the request for certification will be after July 1, 2024 but before June 30, 2025.
<br />The Original Net Tax Capacity will be based on estimated market value that exists on January 2, 2024 for taxes payable 2025.
<br />(1) Taxable net tax capacity = total net tax capacity less value captured in TIF Districts and powerline value.
<br />(2) The impacts upon other taxing jurisdictions not included since they represent a small percentage of the total tax rate.
<br />David Drown Associates Exhibit 4
<br />Without TIF District
<br />With TIF District
<br />2022 /Pay 2023
<br />Original
<br />2022 /Pay 2023
<br />Projected
<br />Hypothetical
<br />New
<br />Hypothetical
<br />Hypothetical
<br />Taxing
<br />Taxable Net
<br />Local
<br />Taxable Net
<br />Captured Net
<br />Tax Generated
<br />Taxable Net
<br />Adjusted Local
<br />Decrease in
<br />Jurisdiction
<br />Tax Capacity(')
<br />Tax Rate
<br />Tax Capacityi'i
<br />Tax Capacity
<br />By TIF
<br />Tax Capacity
<br />Tax Rate
<br />Tax Rate
<br />City of Pequot Lakes
<br />4,474,445
<br />50.089%
<br />4,474,445
<br />99,065
<br />49,621
<br />4,573,510
<br />49.004%
<br />1.085%
<br />Crow Wing County
<br />183,040,356
<br />24.067%
<br />183,040,356
<br />99,065
<br />23,842
<br />183,139,421
<br />24.054%
<br />0.013%
<br />School District #186
<br />53,714,879
<br />7.971%
<br />53,714,879
<br />99,065
<br />7,896
<br />53,813,944
<br />7.956%
<br />0.015%
<br />Other (2)
<br />—
<br />1.205%
<br />—
<br />99,065
<br />1,194
<br />—
<br />1.205%
<br />—
<br />Totals
<br />83.332%
<br />82,553
<br />82.219%
<br />1.113%
<br />Statement #1: If all of the projected captured net tax capacity of the project were hypothetically immediately available to each taxing
<br />jurisdiction if TIF were not used, the tax capacitieis of each jurisdiction would be increased by the amounts shown
<br />above, and the local tax rates of each jurisdiction would be decreased by the amounts shown.
<br />Statement #2: As the projected captured tax capacity of the proejct would not be available without the use of TIF, the tax
<br />capacities and tax rates of each jurisdiction will not be affected.
<br />Statement #3: The estimated amount of tax increment (gross increment after State Auditor's deduction) generated over the life of the
<br />TIF District is estimated to be: $ 802,487
<br />Statement #4: The estimated amount of increment is attributed to the local tax levies and captured as a result of the creation
<br />of this TIF District for the following local units:
<br />City of Pequot Lakes $ 482,357
<br />Crow Wing County $ 231,765
<br />School District #186 $ 76,761
<br />Statement #5: It is expected that the request for certification will be after July 1, 2024 but before June 30, 2025.
<br />The Original Net Tax Capacity will be based on estimated market value that exists on January 2, 2024 for taxes payable 2025.
<br />(1) Taxable net tax capacity = total net tax capacity less value captured in TIF Districts and powerline value.
<br />(2) The impacts upon other taxing jurisdictions not included since they represent a small percentage of the total tax rate.
<br />David Drown Associates Exhibit 4
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