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<br />Another possible funding solution presented in the General Capital Improvement Fund 400 was <br />the issuance of bonds in relation to the Community Building Project. An additional $100,000 <br />was included in the levy for the General Capital Improvement Fund to build additional fund <br />balance to be applied towards the proposed community gathering space. If bonds are issued for <br />this project, the additional fund balance could also be utilized to pay the annual debt service. City <br />staff is currently using a bond of $2,425,000 as the estimated project cost. The projected debt <br />service payments for a 20-year amortization for a bond in this amount would be approximately <br />$200,000. <br />In addition, property taxes are a possible funding source. Future TIF district decertifications are <br />estimated to occur at the end of 2024 (Bix) and 2025 (Abbott) that will present an opportunity to <br />capture the taxes that were previously obligated. Early estimates indicate that there will be an <br />opportunity to increase the levy by $60,000 without increasing the property tax rate when these <br />two TIF districts are decertified. Currently, Little Canada has the forth lowest city tax rate in <br />Ramsey County. <br /> <br /> <br />STAFF RECOMMENDATION: <br />Approve the 2024-2033 Capital Improvement Plan. <br />Attachments: <br />1) Final 2024-2033 CIP <br />