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  <br />Little Canada Economic Development Authority <br />Modification to the TIF Plan for Tax Increment Financing District No. 3-3 8  <br />The EDA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax <br />increments from the District in a maximum principal amount of $3,859,339. Such bonds may be <br />in the form of pay-as-you-go notes, revenue bonds or notes, general obligation bonds, or interfund <br />loans. This estimate of total bonded indebtedness is a cumulative statement of authority under <br />this TIF Plan as of the date of approval. <br />Uses of Funds <br /> <br />Currently under consideration for the District is a proposal to facilitate a budget modification. The <br />EDA and City have determined that it will be necessary to provide assistance to the project(s) for <br />certain District costs, as described. <br /> <br />The EDA has studied the feasibility of the development or redevelopment of property in and <br />around the District. To facilitate the establishment and development or redevelopment of the <br />District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain <br />eligible expenses. The estimate of public costs and uses of funds associated with the District is <br />outlined in the following table. <br /> <br /> <br /> <br />The total project cost, including financing costs (interest) listed in the table above does not exceed <br />the total projected tax increments for the District as shown in the Sources of Revenue section. <br /> <br />Estimated costs associated with the District are subject to change among categories without a <br />modification to this TIF Plan. The cost of all activities to be considered for tax increment financing <br />will not exceed, without formal modification, the budget above pursuant to the applicable statutory <br />requirements. The EDA may expend funds for qualified housing activities outside of the District <br />boundaries. <br />Fiscal Disparities Election <br /> <br />Pursuant to M.S., Section 469.177, Subd. 3, the EDA or City may elect one of two methods to <br />calculate fiscal disparities. <br /> <br />The EDA will choose to calculate fiscal disparities by clause a (outside). <br /> <br /> <br />USES <br />Land/Building Acquisition 2,100,000$ <br />Site Improvements/Preparation 800,000 <br />Affordable Housing - <br />Utilities 200,000 <br />Other Qualifying Improvements 265,497 <br />Administrative Costs (up to 10%) 493,842 <br />PROJECT COSTS TOTAL 3,859,339$ <br />Interest 1,572,920 <br />PROJECT AND INTEREST COSTS TOTAL 5,432,259$