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<br /> <br /> <br /> <br />Tax Increment Financing District 7-2 <br />and the Modification to the Development Program <br />for Development District No. 7 <br /> <br />City of Little Canada <br />The following summary contains an overview of the basic elements of the Tax Increment Financing Plan <br />for Tax Increment Financing District 7-2 and the Modification to the Development Program for <br />Development District No. 7. More detailed information on each of these topics can be found in the Tax <br />Increment Financing Plan. <br /> <br />Proposed action: Establishment of Tax Increment Financing District No. 7-2 (“TIF District 7-2”) <br />and the adoption of a Tax Increment Financing Plan (“TIF Plan”). <br />Modification to the Development Program for Development District No. 7 to <br />include the establishment of Tax Increment Financing District No.7-2, which <br />represents a continuation of the goals and objectives set forth in the Development <br />Program for Development District No. 7. <br /> <br />Type of TIF <br />District: <br />Economic Development District <br /> <br />Parcel Numbers: 052922220016 052922220017 <br /> <br />Proposed <br />Development: <br />TIF District 7-2 is being created to facilitate the expansion of a company’s food <br />processing and distribution capabilities to accommodate growth and meet <br />customer demand in the City. See Appendix A of the TIF Plan for a more detailed <br />project description. <br /> <br />Maximum <br />duration: <br />The duration of TIF District 7-2 will be 8 years from the date of receipt of the first <br />increment (9 years). The City expects to receive the first tax increment in 2021. It <br />is estimated that the District, including any modifications of the TIF Plan for <br />subsequent phases or other changes, would terminate after December 31, 2029, or <br />when the TIF Plan is satisfied. <br /> <br />Estimated annual <br />tax increment: <br />$32,588 <br /> <br />Authorized uses: The TIF Plan contains a budget that authorizes the maximum amount that may be <br />expended: <br /> <br />Utilities .................................................................................... $223,668 <br />Administrative Costs (up to 10%).............................................. $29,225 <br />Project Total Costs ................................................................. $252,893 <br />Interest ....................................................................................... $68,578 <br />Project & Interest Total Costs .............................................. $321,471 <br /> <br />See Subsection 2-10 of the TIF Plan for the full budget authorization.