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Information that Jack Kryst sent to me:
Based on an analysis that we did in early 1999 the decertification of =
the
pre-1979 districts combined with the decertification of a handful of
post-1979 districts in 2007 and 2008 will provide $31.8 million of =
captured
net tax capacity in 2009, the statutory decertification date for the =
pre-79
districts. This is $31.8 of increased tax base.
As you know, this does not mean that so much as a penny of additional
revenue is available to the City until they levy. It should mean a =
policy
discussion. Jurisdictions such as Minneapolis may take advantage of =
this
increase in tax base and raise their levy slightly (assuming that State =
Law
permits). This would partially offset the full tax rate reduction which
would otherwise occur. In this way they can slightly reduce the tax rate =
and
increase spending in the same year -- a rare political win-win.
Jack Kryst
Manager, Project Planning & Finance
Minneapolis Community Development Agency
(612) 673-5130
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<DIV><FONT face=3DArial size=3D2>Information that Jack Kryst sent to=20
me:<BR><BR>Based on an analysis that we did in early 1999 the =
decertification of=20
the<BR>pre-1979 districts combined with the decertification of a handful =
of<BR>post-1979 districts in 2007 and 2008 will provide $31.8 =
million of=20
captured<BR>net tax capacity in 2009, the statutory decertification date =
for the=20
pre-79<BR>districts. This is $31.8 of increased tax =
base.<BR><BR>As you=20
know, this does not mean that so much as a penny of =
additional<BR>revenue is=20
available to the City until they levy. It should mean a=20
policy<BR>discussion. Jurisdictions such as Minneapolis may take =
advantage=20
of this<BR>increase in tax base and raise their levy slightly (assuming =
that=20
State Law<BR>permits). This would partially offset the full tax rate =
reduction=20
which<BR>would otherwise occur. In this way they can slightly reduce the =
tax=20
rate and<BR>increase spending in the same year -- a rare political=20
win-win.<BR><BR><BR>Jack Kryst<BR>Manager, Project Planning &=20
Finance<BR>Minneapolis Community Development Agency<BR>(612)=20
673-5130<BR><BR></FONT></DIV></BODY></HTML>
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