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SOURCES OF FUNDS TOTAL <br />Tax Increment $2,790,000 <br />PROJECT REVENUES 52,790,000 <br />Subsection 3 -10. Uses of Funds <br />Currently under consideration for the District is a proposal to facilitate the construction of an approximately <br />35 -unit multi - family residential rental senior housing addition to the existing senior housing facility known <br />as "Garden Terrace" designed for persons or families of low and moderate income and an approximately 78- <br />unit multi - family residential rental senior housing facility known as "Village Square at Little Canada" <br />designed for persons or families of low and moderate income, over approximately 14,000 square feet of <br />commercial/ retail space. The EDA and City have determined that it will be necessary to provide assistance <br />to the project for certain costs. The EDA has studied the feasibility of the development or redevelopment <br />of property in and around the District. To facilitate the establishment and development or redevelopment <br />of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain <br />eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in <br />the following table. <br />USES OF FUNDS TOTAL <br />Land /Building Acquisition $1,000,000 <br />Site Improvements /Preparation $100,000 <br />Public Utilities $200,000 <br />Parking Facilities $100,000 <br />Streets and Sidewalks $100,000 <br />Housing Affordability $500,000 <br />Interest $511,000 <br />Administrative Costs (up to 10 %) $279,000 <br />PROJECT COSTS TOTAL $2,790,000 <br />TOTAL FINANCING AND PROJECT COSTS $2,790,000 <br />The above budget is organized according to the Office of State Auditor (OSA) reporting forms. <br />(AS MODIFIED NOVEMBER 13, 2002) <br />USES OF FUNDS TOTAL <br />Land /Building Acquisition 5500,000 <br />Site Improvements /Preparation 5800,000 <br />Public Utilities 5200,000 <br />Streets and Sidewallcs 5100,000 <br />Interest 5911,000 <br />Economic Development Authority of the City of Little Gonad <br />Tax Increment Financing Plan Mr Tax Incremnn Financing District No. 3-3 3 -6 <br />