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CAPITAL PROJECT FUNDS-TIF <br /> <br /> 78-unit (approximate number) multi-family residential rental senior housing facility known as <br />the “Village Square of Little Canada” designed for persons or families of low and moderate <br />income and over approximately 14,000 square feet of commercial/retail space. <br />(This information is from the TIF Plan completed by Ehlers in 2016). <br /> <br />This TIF included a PAYGO Note that has been repaid in 2024. Additionally, in 2022 this fund financed a TIF Loan <br />to a developer (Twin Lake Limited Partnership) for $800,000 for the construction of a multifamily apartment <br />community. <br /> <br />TIF 5-1 (St. Jude) (Fund 460): <br />Required Decertification Date: 12/31/2025 <br />District Type: Renewal and Renovation District <br />County TIF Number: 280 <br /> <br />TIF 5-1 was established in 2007 to facilitate the development of approximately 9.995 net acres located off of <br />Rice Street and County Road B2 by St. Jude Medical, and to facilitate the construction of various public <br />improvements located at the corner of Highway 36 and Rice Street. (This information is from the TIF Plan <br />completed by Ehlers in 2016). <br /> <br />2025 expenditures in this district include the annual transfer to the 2015A Refunding Bonds (320) for the debt <br />service payment. These bonds were issued for development and construction costs related to TIF 5-1. This debt <br />will be retired in 2026. In addition to this debt, this district has a PAYGO Note to St. Jude Medical in the amount <br />of $475,757. This debt is subordinate to the bonds. Additionally, in 2022 this fund facilitated a TIF Loan to a <br />developer (Twin Lake Limited Partnership) for $200,000 for the construction of a multifamily apartment <br />community. <br /> <br />TIF 6-1 (Masterpiece Homes) (Fund 470): <br />Required Decertification Date: 12/31/2038 <br />District Type: Redevelopment District <br />County TIF Number: 290&310 <br /> <br />TIF 6-1 was established in 2009 (first increment received in 2014) to aid in the acquisition and ultimate <br />development of property at 2966 Arcade Street. (This information is from the TIF Plan completed by Ehlers in <br />2016). <br /> <br />2024 expenditures in this district include the interfund loan payment that was issued for development costs <br />related to TIF 6-1. The outstanding loan amount at the end of 2024 will be approximately $270,000. <br /> <br />TIF 7-1 (Suite Living) (Fund 471): <br />Required Decertification Date: anticipated to be 12/31/2045 <br />District Type: Redevelopment District <br />County TIF Number: 334 <br /> <br />TIF 7-1 was established in 2018 to facilitate the construction of 32 units of senior assisted-living apartments with <br />additional development in the City. <br /> <br />2025 expenditures in this district include administration costs related to TIF 7-1. <br /> <br /> <br />103