On Oct 5, 2004, at 2:42 PM, Anderson & Turpin wrote:
By the way David, your numbers don't tie to Vicky's. She said $69 million
out of $250 million went to TIF, which is 27.6%, whereas you say it's 15.2%.
For some reason I can't get to Vicky's site to check it out. What is your
reference?
The Citizen's League report itself. The author, Bob DeBoer, confirms that the 15.2 percent represents the share of the city's Net Tax Capacity tied up in its own TIF districts. It's table 4 (page 7 of the printed report).
While the League report cites a Minneapolis TIF figure ($69 million), it does not cite a figure for the city's Net Tax Capacity. By my math, it would have to be about $450 million overall to get to 15.2 percent. Vicky cited a City of Minneapolis financial statement listing report a Net Tax Capacity figure of $250 million. It's possible that figure is not apples-to-apples with the Citizens' League — I've asked them for more details.
However, even if their formula produces a different result, my guess is it would affect the other cities' TIF percentages as well, keeping Mpls is 24th place.
By the way, for you St. Paul-o-philes, the Citizen's League report puts the Capitol City at 9.3 percent net tax capacity tied up in TIF. That is indeed lower than Mpls's 15.2 percent. However, the Citizens League notes that St. Paul's TIF-value change in dollar terms went up 23.8 percent from 2003 to 2004 — more than double Mpls's 10 percent hike.
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