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constructed. The project was not completed as planned. Established 1985. Expires for pay 1995. Public funds used for land acquisition. Financed through $745,000 of general obligation bonds in 1985. $200,000 of the bonds are outstanding. 5. Additional project expenditures. 225,000 toward infrastructure improvements in 1993 associated with area surrounding housing district 1 -2. Approximately $40,000 to cover partial costs of acquisition and site clearance of property in front of city hall in conjunction with economic development district projects 1- 1 and 1 -3. (remainder of acquisition and relocation costs covered by a $117,000 grant from the Community Development Block Grant). Approximately $20,000 toward planning for the Larpenteur Avenue improvements in conjunction with economic development districts 1 -1 and 1 -3. IV. CURRENT STATUS OF TIF FUNDS AND NON -TIF CAPITAL FUNDS A. TIF debt service funds. Estimated tax increment revenue will cover the outstanding bonds on the 2 -1 Bullseye project Estimated tax increment revenue including HACA will cover the outstanding bonds on the 1 -2 the senior housing project. Since tax increment revenue is dependent upon property taxes, these estimates are based upon the assumption that there will be no major changes in the proportion of taxes paid by the different taxing jurisdictions. If this relationship significantly changes, most notably the school district's reliance on property taxes, the amount of tax increment revenue collected and the city's ability to satisfy the outstanding debt may be affected. B. TIF construction funds. The annual financial report includes TIF construction funds as part of the city's total capital fund balance. These funds can be used to cover eligible TIF projects in the development districts (attachment 4). 5