06-20-11 Council Agenda - Laserfiche WebLink

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USES OF TAX INCREMENT FUNDS TOTAL Land /Building Acquisition $850,000 Site Improvements /Preparation $400,000 Public Utilities $1,400,000 Public Parking Facilities $0 Streets and Sidewalks $392,900 Administrative Costs (up to 10`/,) $644,300 PROJECT COST TOTAL $3,687,200 Interest $2,815,000 PROJECT AND INTEREST COSTS TOTAL $6,502,200 For purposes of OSA reporting forms, uses of funds include interfuud loans, bond principal, TIF Note principal, and transfers, all in the principal amount of'S6,502,200. These amounts are not cumulative, but represent the various forms of "bonds" included within the concept of bonded indebtedness under the TIF Act. The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in Appendix D. Estimated capital and administrative costs listed above are subject to change among categories by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so long as the total capital and adrninistrative costs combined do not exceed the total listed above. Further, the City may spend up to 20 percent of the tax increments from the District for activities (described in the table above) located outside the boundaries of the District but within the boundaries of the Project (including adrninistrative costs, which are considered to be spend outside the District), subject to all other terms and conditions of this TIF Plan. Subsection 2 -11. Fiscal Disparities Election Pursuant to MS., Section 469.177, S'uhd. 3, the City may elect one of two methods to calculate fiscal disparities. If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause b, (within the District) are followed, the following method of computation shall apply: (1) The original net fax capacity shall be determined hefbre the application of the fiscal disparity provisions of Chapter 2764 or 473F. The current net tax capacity shall exclude any fiscal disparity commercial-industrial net fax capacity increase between the original year and the current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section 2764.06, subdivision 7 or MS., Section 473F.08, subdivision 6. Where the original net tax capacity is equal to or greater than the current net lax ccrpercity, there is no captured tax capacity crud no tax increment determination. Where the original tax capacity is less than the current fax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereof which the authority /has designated, in ils tax increment financing plan, to .share with the local taxing districts is the City of Little Canada Tax Increment financing Plan for 'fax Increment financing District No. 5 -1 2 -8 14