06-20-11 Council Agenda - Laserfiche WebLink

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SOURCES 01? FUNDS TOTAL Tax Increment $6,427,200 Interest Income $75,000 PROJECT REVENUES Interfund Loans Transfers Bond Principal TIF Note Principal $6,502,200 $200,000 $0 $3,500,000 $0 The other financing sources list above is included for purposes of OSA reporting for the TIP District. It is not intended to be cumulative. Transfers are included in case money is moved from one fund to another before an expenditure. (AS MODIFIED , 2011) The total estimated tax increment revenues for the District are expected to be approximately $6,443,200, as shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment 86,443,200 Interest $59,000 TOTAL $6,502,200 The City m y issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $3,700,000. Such bonds may be in he from of pay -as -you go notes, revenue bonds or notes, general obligation bonds, or interfund loans. T1 is estima to of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of this modification. Subsection 2 -10. Uses of Funds Currently under consideration for the District is a proposal to facilitate the development of approximately 9.995 net acres located ol'f of Rice Street and County Road B2 by St. Jude Medical and to facilitate the construction of various public improvements located at the corner of Highway 36 and Rice Street. The City has determined that it will be necessary to provide assistance to the project for certain costs. The City has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIP Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. Lily or Little Canada 'rt Incrcn,clit Pinancing Ilan fm' ills Increment Financing District Nn. S -I 2 -6 12