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					              Citywide Infrastructure Project Financing Fact Sheet


     I.        Project Cost Breakdown

          USDA Grant/Loan Fundable Project Cost (water, sewer, & storm sewer)= $15,645,000
          Street Mill & Overlay (not fundable)=$763,000
          Existing Debt Refinancing= $595,000
          Total Project Cost=$17,003,000

     II.       Project Financing

      $3.46 million grant
      $12,780,000 loan
      $263,000 General Obligation Bond + $500,000 one time city contribution (streets)

     III.      How Will This Project Affect me?

       Proposed Special Assessment of $3300 per parcel, payable over 15 years @ 5.72%
        =$2,556,000.
      The initial public hearing will be held Monday, June 23rd, 6 p.m. @ City Hall
      The remainder is proposed to be funded by the following means: 35% base charges, 45%
     usage charges, & 20% property tax levy

Utility                 Current Base             *Current Usage                Proposed Base              *Proposed Usage
                        Charge                   Charge (per 100 gal)          Charge (per 100            Charge (per 100
                                                                               gal)                       gal)
Water                   $10.38                   $.77                          $16.90                     $.57

Sanitary Sewer          $3.40                    $.45                          $16.90                     $.57
* The flat rate for the first 1,000 gallons of usage will be dropped. All usage charges will be based on per hundred gallons
** Storm Sewer Charges are proposed to be unchanged from current rate


      The property tax levy would be increased by $218,000. The following table shows the
           estimated tax impact:

                                                        Residential
                  Property type            Taxable Market Value                  Estimated Tax Impact
                    Residential                     $20,000                                 $101
                    Residential                     $30,000                                 $152
                    Residential                     $40,000                                 $203
                    Residential                     $50,000                                 $253
               Residential              $60,000                        $304
               Residential              $80,000                        $406
               Residential              $100,000                       $507
               Residential              $120,000                       $608
               Residential              $130,000                       $659
                                          Commercial

              Property Type      Taxable Market Value         Estimated Tax Impact
               Commercial               $25,000                        $190
               Commercial              $50,000                         $380
               Commercial               $75,000                        $570
               Commercial              $100,000                        $760
               Commercial              $125,000                        $951
               Commercial              $150,000                       $1,141
               Commercial              $200,000                       $1,648
               Commercial              $250,000                       $2,155
               Commercial              $300,000                       $2,662

    IV.    Property Tax Relief Programs

   The following state programs may provide property owners with some relief from the impact
    of the proposed levy increase:

                     A. Minnesota Property Tax Refund (“Circuit Breaker”)

       Available for all residential property owners and renters
       For 2007 taxes, annual income must be less than $93,480 for homeowners and $50,430
        for renters with no dependents. (income limits are higher for those with dependents)
       Maximum refund is $1,750 for homeowners and $1,430 for renters
       To determine eligibility, see state tax form M1PR at
        http://www.taxes.state.mn.us/taxes/current_forms.shtml#forms

                     B. Targeted Homeowners Property Tax Refund

       Available for all owners of residential property with a gross property tax increase of at
        lest 12% and $100 over the previous year
       Refund is 60 percent of the amount of the tax increase (greater of 12% or$100)
       Maximum refund is $1,000 per taxpayer
       To determine eligibility, see state tax form M1PR at
        http://www.taxes.state.mn.us/taxes/current_forms.shtml#forms
                 C. Senior Citizen Property Tax Deferral Program

   Allows all owners of residential property who are age 65 years or older and have a
    household income of $60,000 or less to defer a portion of their property taxes
   Under the program, taxes to be paid in any year are limited to 3% of total household
    income
   State charges interest of up to 5% per year on all deferred taxes, and attaches a lien
    against the property
   Deferred tax (plus interest charges and filing fees) must be paid if the property is sold or
    ownership is transferred, the homeowners die, the property no longer qualifies as a
    homestead, or the homeowner voluntarily withdraws
   Forms and information are available at http://www.taxes.state.mn.us or from the Lac qui
    Parle County Auditor-Treasurer

				
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Description: This doc details who in Minnesota can recieve a property tax refund.