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EHLERS <br />& ASSOCIATES INC <br />Ehlers 8I Associates, Inc. <br />Tax Increment Financing District Overview <br />City of Little Canada - Tax Increment Financing District No. 3 -3 <br />The following summary contains an overview of the basic elements of the Tax Increment Financing <br />Plan for TIF District No. 3 -3. More detailed information on each of these topics can be found in the <br />complete TIF Plan. <br />Proposed action: <br />Redevelopment Project: <br />Type of TIF District: <br />Parcel Numbers *: <br />Establishment of Tax Increment Financing District No. 3 -3 and the <br />adoption of a Tax Increment Financing Plan. <br />Adoption of a Redevelopment Plan Modification for Redevelopment <br />Project Area No. 1. (Generally, the substantive changes include the <br />removal of three parcels from Tax Increment Financing District No. 3- <br />2 for inclusion with another parcel. in the establishment of Tax <br />Increment Financing District No. 3 -3.) <br />A Housing District <br />06- 29 -22 -23 -0026 <br />06- 29 -22 -32 -0012 <br />06- 29 -22 -32 -0019 <br />06- 29 -22 -31 -0049 <br />* Parcels may be re- platted prior to the public hearing. <br />Proposed Development: <br />Maximum duration: <br />Estimated annual tax <br />increment: <br />The District is being created to facilitate the construction of an <br />approximately 35 -unit multi - family residential rental senior housing <br />addition to the existing senior housing facility known as "Garden <br />Terrace" designed for persons or families of low and moderate income <br />and an approximately 78 -unit multi- family residential rental senior <br />housing facility known here as "Village Square at Little Canada" <br />designed for persons or families of low and moderate income over <br />approximately 14,000 square feet of commercial /retail space. <br />Contracts for this have not been entered into at the time of preparation <br />of this Plan, but development is likely to occur in 2003. This TIF Plan <br />is expected to achieve many of the objectives outlined in the <br />Redevelopment Plan for Redevelopment Project Area No. I. <br />The duration of District No. 3 -3 will be 25 years from the date of <br />receipt of the first increment (26 years of increment). The date of <br />receipt of the first tax increment will be approximately 2005. Thus, it is <br />estimated that District No. 3 -3, including any modifications of the Plan <br />for subsequent phases or other changes, would terminate after 2030, or <br />when the Plan is satisfied <br />Up to $111,593 <br />