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<br /> <br /> <br /> <br /> <br /> <br /> <br />Tax Increment Financing District Overview <br /> <br /> <br />City of Little Canada <br />Tax Increment Financing District No. 7-1 <br /> <br />The following summary contains an overview of the basic elements of the Tax Increment Financing Plan <br />for Tax Increment Financing District No. 7-1. More detailed information on each of these topics can be <br />found in the complete Tax Increment Financing Plan. <br /> <br />Proposed action: Establishment of Tax Increment Financing District No. 7-1 (the "District") and <br />the adoption of a Tax Increment Financing Plan (the "TIF Plan"). <br /> <br />Establishment of Development District No. 7 and the adoption of a <br />Development Program therefor. <br /> <br />Adoption of an Interfund Loan Resolution in conjunction with the District. <br />Type of TIF District: A scattered-site redevelopment district <br />Parcel Numbers: 062922320009 062922320010 <br />062922320011 062922320032 <br />062922330033 062922330002 <br />062922330034 062922330035 <br />062922330005 <br /> <br />Proposed <br />Development: <br />The District is being created to facilitate the construction of 32 units of senior <br />assisted-living apartments with additional development in the City. Please see <br />Appendix A of the TIF Plan for a more detailed project description. <br />Maximum duration: The duration of the District will be 25 years from the date of receipt of the <br />first increment (26 years of increment). The City expects the date of first tax <br />increment to be 2020. It is estimated that the District, including any <br />modifications of the TIF Plan for subsequent phases or other changes, would <br />terminate after December 31, 2045, or when the TIF Plan is satisfied. <br />Estimated annual tax <br />increment: <br />Up to $391,598 <br />