12-15-2021 Council Packet - Laserfiche WebLink

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CAPITAL PROJECT FUNDS-TIF TIF 5-1 (St. Jude) (Fund 460): Required Decertification Date: 12/31/2025 District Type: Renewal and Renovation District County TIF Number: 280 TIF 5-1 was established in 2007 to facilitate the development of approximately 9.995 net acres located off of Rice Street and County Road B2 by St. Jude Medical, and to facilitate the construction of various public improvements located at the corner of Highway 36 and Rice Street. (This information is from the TIF Plan completed by Ehlers in 2016). 2022 expenditures in this district include the annual transfer to the 2015A Refunding Bonds (320) for the debt service payment. These bonds were issued for development and construction costs related to TIF 5-1. This debt will be retired in 2026. In addition to this debt, this district has a PAYGO Note to St. Jude Medical in the amount of $475,757. This debt is subordinate to the bonds. TIF 6-1 (Masterpiece Homes) (Fund 470): Required Decertification Date: 12/31/2038 District Type: Redevelopment District County TIF Number: 290&310 TIF 6-1 was established in 2009 (first increment received in 2014) to aid in the acquisition and ultimate development of property at 2966 Arcade Street. (This information is from the TIF Plan completed by Ehlers in 2016). 2022 expenditures in this district include the interfund loan payment that was issued for development costs related to TIF 6-1. The outstanding loan amount at the end of 2021 will be approximately $370,000. TIF 7-1 (Suite Living) (Fund 471): Required Decertification Date: anticipated to be 12/31/2045 District Type: Redevelopment District County TIF Number: 334 TIF 7-1 was established in 2018 to facilitate the construction of 32 units of senior assisted-living apartments with additional development in the City. 2022 expenditures in this district include the annual interfund loan interest payment that was issued for administration costs related to TIF 7-1. TIF 7-2 (Bix) (Fund 472): Required Decertification Date: 12/31/2028 but anticipated to be decertified on 12/31/2024 District Type: Economic Development District County TIF Number: 336 TIF 7-2 was established in 2018 to facilitate expansion of an existing facility for a food processing and distribution facility. 2022 expenditures in this district include the repayment of the developer costs, per the development agreement. Per this agreement, the developer is paid 90% of the available tax increment in the district up to $150,000. It is anticipated that this obligation will be paid in full in 2024. 95