07-09-2002 Council Agenda - Laserfiche WebLink

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SOURCES OF FUNDS TOTAL Tax Increment $2,790,000 PROJECT REVENUES $2,790,000 Subsection 3 -10. Uses of Funds Currently under consideration for the District is a proposal to facilitate the construction of an approximately 35 -unit multi - family residential rental senior housing addition to the existing senior housing facility known as "Garden Terrace" designed for persons or families of low and moderate income and an approximately 78- unit multi - family residential rental senior housing facility known as "Village Square at Little Canada" designed for persons or families of low and moderate income, over approximately 14,000 square feet of commercial / retail space. The EDA and City have determined that it will be necessary to provide assistance to the project for certain costs. The EDA 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 TIF 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. USES OF FUNDS TOTAL Land /Building Acquisition $1,000,000 Site Improvements/Preparation $100,000 Public Utilities $200,000 Parking Facilities $100,000 Streets and Sidewalks $100,000 Housing Affordability $500,000 Interest $511,000 Administrative Costs (up to 10 %) $279,000 PROJECT COSTS TOTAL $2,790,000 TOTAL FINANCING AND PROJECT COSTS $2,790,000 The above budget is organized according to the Office of State Auditor (OSA) reporting forms. Estimated costs associated with the District are subject to change among categories without a modification to this 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. The EDA may expend funds for qualified housing activities outside of the District boundaries. Subsection 3 -11. State Tax Increment Financing Aid (Local Contribution) M.S., Section 273.1399 (LGA/HACA penalty) was repealed by the 2001 Legislature and does not apply to the District. If required by future legislation, it is the City's intention to consider taking the steps necessary to preserve state -paid local government aid. Economic Development Authority of the City of Little Canada Tax Increment I3nancing Plan for Tax Increment Financing District No. 3 -3 3 -5