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MOORESVILLE (INDIANA)REDEVELOPMENT COMMISSION <br /> ( (Cont'd) <br /> Mooresville Allocation Area No. 1 <br /> GENERAL COMMENTS <br /> Conclusion <br /> The estimated payable 2011 Tax Increment for Area No. 1 is$1,198,410 and is estimated to increase <br /> to $1,276,430 by 2029 due to the scheduled tax abatement reductions. <br /> II <br /> In addition to funding the TOA rebate, the Commission has pledged $200,000 of annual Tax <br /> Increment from Area No. 1 to the repayment of the 2010 SRF Bonds. After funding these <br /> obligations,the estimated available Tax Increment could support a bond issue of approximately$6.7 <br /> million, which would provide approximately $5.8 million to fund additional capital projects in, <br /> serving, or benefitting the Area. If the future Tax Increment is not needed to fund additional <br /> projects,surplus incremental assessed value could be passed through to the overlapping taxing units <br /> in 2012. For every $10 million of assessed value that is passed through, the Commission would G, <br /> realize approximately $180,000 less in Tax Increment, but realize a reduction in the tax rate of <br /> approximately $0.022. <br /> Please note that the Redevelopment Commission is required to annually notify the County Auditor <br /> and the overlapping taxing districts by July 15 of any excess Tax Increment and to pass through this <br /> excess to the overlapping taxing units unless it makes a determination that these funds are needed for <br /> purposes permitted by law and approved in the Commission's Economic Development Plan. We <br /> would recommend that the Commission make a determination as to the intended use of the <br /> remaining Tax Increment prior to July 15. <br /> -4- <br />