10-27-1999 Council Agenda - Laserfiche WebLink

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TIP District No. 3 -2 The City reserves the right to retain up to twenty -five percent (25 %) of collected tax increment revenues to pay for administrative expenses and the costs of eligible activities outside District No. 3 -2. These revenues shall not be used to circumvent any levy limits. 2.7.2 Estimated Public Costs To facilitate the redevelopment of the area, this Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimated cost of these are described as follows: Market Place Item Original Plan 1999 Modification Additions Acquisition $1,400,000 Rehabilitation 500,000 Financing 70,000 Administration 25,000 Little Canada Road 1,200,000 Public Improvements (including, but not 2,000,000 limited to, Market Place Drive, Middle Street, sanitary sewer, watermain, storm water systems, sidewalks, open space, streetscape) Land Acquisition 3,000,000 Land Acquisition - -1999 Modifications $500,000 Site and Building Improvements 500,000 200,000 Interest 5,000,000 Administrative Expense $300,000 (Based on actual expense incurred - See subsection 2.07.04) These figures represent the estimated amounts the City may expend to implement the Plan and the Development Program. The adoption of the Plan does not commit the City to make any expenditures. The items of cost and the amounts thereof shown above are estimated to be necessary based on the best information available. It is anticipated that the items in each category may change and that any changes will be made pursuant to the Act. Page 149 2-7