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CAPITAL PROJECT FUNDS-TIF <br /> <br />Overview <br />Capital Project funds are used to account for the financial resources to be used for the acquisition or <br />construction of major capital facilities. The City of Little Canada has many Capital Project funds. The Capital <br />Project funds are classified in two categories (Capital Project Funds-Other and Capital Project Funds-TIF). <br />Capital Project Funds - TIF <br /> TIF 2-1 Kandice Heights (Fund 464) <br /> TIF 3-2 (Fund 440) <br /> TIF 3-3 The Lodge (Fund 441) <br /> TIF 5-1 St Jude (Fund 460) <br /> TIF 6-1 Masterpiece Homes (Fund 470) <br /> TIF 7-1 Suite Living (Fund 471) <br /> TIF 7-2 Bix Produce (Fund 472) <br /> TIF 7-3 Spruce Warehouse Project (Fund 473) <br /> <br />Capital Project Funds - TIF Loans <br /> <br /> Twin Lake Boulevard Development (Fund 476) <br /> <br />Budgets are adopted on an annual basis for the Capital Projects Funds-TIF. The TIF budgets are based on the <br />respective TIF Plans and Development Agreements. A TIF Management Plan has been updated by Ehlers in 2022 <br />and was presented to the Council in April of 2022. The Plan identified opportunities for the use of TIF and <br />opportunities as TIF Districts decertify starting in 2025. In 2022 the City entered into a TIF Loan Agreement with <br />a developer (Twin Lake Apts). As part of the Loan Agreement the City has agreed to lend the developer <br />$1,000,000 to finance the construction of the project. The TIF Loan will be funded from available tax increments <br />derived from the TIF Districts. <br /> <br />A summary of the TIF Funds are as follows: <br /> <br />TIF 2-1 (Kandice Heights) (Fund 464): <br />TIF 2-1 was decertified in 2017. This TIF district is a “pre-1990” district, which means that the remaining TIF <br />dollars in this fund may be used to assist in development inside or outside the boundaries of the TIF district. <br />90% of the funds must be used on costs related to the demolition or rehabilitation of a blighted building. There <br />are no outstanding obligations in this district. A large portion ($730,000) of the fund balance was used in 2024 <br />for the purchase of the property located at 2828 Condit Street. This property is going to be used for future <br />development. <br /> <br />TIF 3-2 (Rice/Little Canada Road) (Fund 440): <br />TIF 3-2 was decertified in 2017. The only obligation left in this district is a land for resale parcel (104 Little <br />Canada Road) that is recorded in this district. <br /> <br />TIF 3-3 (The Lodge) (Fund 441): <br />Required Decertification Date: 12/31/2029 <br />District Type: Housing District <br />County TIF Number: 239 <br /> <br />TIF 3-3 was established in 2002 to facilitate the construction of: <br /> 35-unit (approximate number) multi-family residential rental senior housing addition to the <br />existing senior housing facility known as “Garden Terrace” designated for families of low and <br />moderate income. <br />102