06-20-11 Council Agenda - Laserfiche WebLink

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Please see Appendix 1-1 of the TIP Plan for the building permit that was issued. (AS MODIFIED , 2011) Project Estimated Tax Capacity upon Completion (PTC) $1,02'1,850 Original Estimated Net Tax Capacity (ONTC) $94,476 Fiscal Disparities Reduction $353,106 Estimated Captured Tax Capacity (CTC) 8574,268 Original Local 'fax Rate 0.87343 Pay 2007 Estimated Annual Tax Increment (CTC x Local 'fax Rate) $501,583 Percent Retained by the City 100% Subsection 2 -9. Sources of Revenue /Bonded Indebtedness Public improvement costs, acquisition, relocation, utilities, parking facilities, streets and sidewalks, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The City reserves the right to use other sources of revenue legally applicable to the City and the TIF Plan, including, but not limited to, special assessments, general property taxes, state aid for road maintenance and construction, proceeds from the sale of land, other contributions from the developer and investment income, to pay for the estimated public costs. The City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TIF Plan. As presently proposed, the project will be financed by a bonded indebtedness /interfund loan /transfer. Additional indebtedness may be required to finance other authorized activities. The total principal amount of bonded indebtedness, including a general obligation (GO) TIF bond, or other indebtedness related to the use of tax increment financing will not exceed $10,202,200 without a modification to the TIP Plan pursuant to applicable statutory requirements. It is estimated that 83,700,000 in bonded indebtedness will be financed with tax increment revenues. This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The City may also finance the ac- tivities to be undertaken pursuant to the TIP Plan through loans from funds of the City or to reimburse the developer on a "pay -as- you -go" basis for eligible costs paid for by a developer. The estimated sources Of funds for the District are contained in the table on the following page. City of Little Canada Tax Ineremem Financing Plan for ax Increment Pinot tr,t District No. 5 -1 11