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07-09-2003 Council Agenda
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07-09-2003 Council Agenda
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EHLERS <br />& ASSOCIATES INC <br />Ehlers 8t Associates, Inc. <br />Tax Increment Financing District Overview <br />City of Little Canada - Tax Increment Financing District No. 2 -2 <br />The following summary contains an overview of the basic elements of the Tax Increment Financing Plan <br />for Tax Increment Financing District No. 2 -2. More detailed information on each of these topics can be <br />found in the complete "CIF Plan. <br />Proposed action: Establishment of Tax Increment Financing District No. 2 -2 and the <br />adoption of a Tax Increment Financing Plan. <br />Development <br />Program: <br />Type of TIF District: <br />Modification to the Development Program for Development District <br />No. 2. (This modification represents a continuation of the goals and <br />objectives set forth in the Development Program for Development <br />District No. 2. Generally, the substantive changes include the <br />establishment of Tax Increment Financing District No. 2 -2.) <br />A renewal and renovation district <br />Parcel Number: <br />Proposed <br />Development: <br />31- 30 -22 -34 -0005 (3203 Country Drive) <br />The District is being created to facilitate the construction of a 57,000 s.f. <br />office and training facility for the painting and glazing trades in the City <br />of Little Canada and other future redevelopment on the former Knox <br />Lumber site. <br />Maximum duration: <br />The duration of District No. 2 -2 will be 15 years from the date of receipt <br />of the first increment (16 years of increment). The date of receipt of the <br />first tax increment is expected to be 2005. Thus, it is estimated that <br />District No. 2 -2, including any modifications of the TIF Plan for <br />subsequent phases or other changes, would terminate after 2020, or <br />when the TIF Plan is satisfied <br />Estimated annual tax Up to $102,299 <br />increment: <br />Proposed uses: <br />The TIF Plan contains the following budget: <br />Renewal and Renovation Expenses $100,000 <br />Site Improvements /Preparation Costs including Demolition... $864,000 <br />Public Utilities $50,000 <br />Installation of Streets and Sidewalks $50,000 <br />Interest $400,000 <br />Administrative Costs (up to 10 %) $100,000 <br />PROJECT COSTS TOTAL $1 564,000 <br />See Subsection 2 -10, page 2 -5 of the TIF Plan for the full budget <br />authorization. Additional uses of funds are authorized which include <br />inter -fund loans and transfers and bonded indebtedness. <br />Form of financing: <br />The project will be financed primarily through the annual collection of <br />tax increments <br />Administrative fee: Up to 10% of annual increment, if costs are justified. <br />
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