08-13-09 Planning Comm. Agenda - Laserfiche WebLink

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ui,o[:~s : r~nuc ruanncr Ehlers & Associates, Inc. Tax Increment Financing District Overviev/ City of Little Canada _TIF District No. 6-1 fhe following summary contains an overview of the basic elements of the'I'ax Increment Financing Plan for Tax Increment Financing District No. 6-1. More detailed information on each of these topics can be found in the complete TIF Plan. Proposed action: Establishment of Tax Increment Financing District No. 6-1 (District) and the adoption of a Tax Increment Financing Plan ('fIP Plan) therefore. Establishment of Development District No. 6 and the adoption of a Development Program therefore. of an Tnterfund Loan Resolution. A *'T'Itis parcel will be re-platted and subdivided pria• to certification of the District _ Proposed T'he District is being created to enable the City to aid in the acquisition and Development: ultimate redevelopment of property at 2966 Arcade Sheet in the City. Please see Appendix A oftlte'1'IF Plan for a more detailed project description. Maximum duration: The dw•ation of the District will be 25 years from the date of receipt of the first increment (26 years oP increment). The City elects to receive the first tax increment in 2011, which is no later than four years following the year of approval of the District. 'T'hus, it is estimated that the District, including any modifications of the TIP Plan for subsequent phases or other changes, would terminate after 2037, or when the TTF Plan is satisfied. Estimated annual lax Up to $23,4A5 increment: Authorized uses: "i'he 'fIP Plan contains a budget that authorises the maximum amount that may be expended: Land/Building Acquisition .................................. .................. $220,000 Site Improvements/Preparation ........................... .................... $20,000 Public Utilities ..................................................... ............................. $0 Public Parking Facilities ...................................... ............................. $0 Streets and Sidewalks .......................................... ............................. $0 Interest ................................................................. .................. $300,000 AdminisU•ative Costs (up to 10%) ....................... .................... $60 000. YROJIsCT COSTS 'TOTAL ............................ ................... $(r94 99.4 See Subsection 2-10, pages authorization. Additional interfund loans and bonded Form of financing: The project will be 2-6 and 2-7 of the T1F Plan for the full budget uses of funds are authorized which include through pay-as-you-go Administrative fee: Up to i 0% of annual increment, if costs are justified. Tnterfund Loan If the City wants to pay for administj•ative expenditures from a tax increment Requirement: fund, St is reco~mnended that a resolution authorizing a loan from another fund be passed PIUOR to the issuance of the check.