06-20-11 Council Agenda - Laserfiche WebLink

Home Browse Search

USES OF FUNDS TOTAL Land /Building Acquisition /Relocation $850,000 Site Improvements /Preparation $400,000 Public Utilities $1,400,000 Public Parking Facilities $0 Streets ancl Sidewalks $760,200 Interest $2,850,000 Administrative Costs (up to 10 %) $642,000 PROJECT COSTS TOTAL $6,052,200 Interfund Loans $200,000 Transfers $0 Bond Principal $3,500,000 'PIP Note Principal $0 The other financing uses listed above is included for purposes of OSA reporting for the TIE District. It is not intended to be cumulative. Transfers are included in case money is moved from one fund to another before an expenditure. TIF is expected to be used for the project costs listed on the previous page, which is a not-to- exceed budget rather than an expected budget of costs. Pursuant to MS., Section 469.175, Subc/ 1 (5), it is estimated that the cost of improvements, including administrative expenses which will be paid or financed with tax increments, will equal $6,502,200. For purposes of OSA reporting forms, it is estimated that the cost of improvements, including financing which will be paid for with tax increment will equal $10,202,200 as is presented in the budget on the previous page. Estimated costs associated with the District are subject to change among categories without a modification to this 'PIE Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant to M.S., Section 469.1763, Subd. 2, no more than 25 percent of the tax increment paid by property within the District will be spent on activities related to development or redevelopment outside oldie District but within the boundaries of Development District No. 5, (including administrative costs, which are considered to be spent outside of the District) subject to the lirnitations as described in this TIE Plan. (AS MODIFIED , 2011) The budget has been revised to better reflect the estimated cash flow for the TIP' District and to clarify subsequent changes in legislation of how budgets should be reported. The revised budget it suumnarized in the table below: City of Little Canada Teas Increment Financing lea Tax Increment Financing District No. 5 -1 2 -7 13