03-14-2013 Planning Agenda - Laserfiche WebLink

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USES OF TAX INCREMENT FUNDS Land /Building Acquisition Site Improvements /Preparation Public Utilities Public Parking Facilities Streets and Sidewalks Interest Administrative Costs fun to 10%) PROJECT COSTS TOTAL TOTAL $220,000 $20,000 $0 $0 $0 $300,000 $60,000 $600,000 USES OF OTHER FUNDS Interfund Loans Transfers TIF Note Principal $220,000 $8,000 $235,000 The other financing uses listed above are included for purposes of OSA repotting for the TIF Di trict. They are not intended to be cumulative. Transfers are included in case money is moved from one fund to another before an expenditure. TIF is expected to be used for the District costs listed above, which is a not -to- exceed budget rather than an expected budget of costs. Pursuant to MS., Section 469.175, Subd. 1 (a)(5), it is estimated that the cost of improvements, including administrative expenses, and interest as a financing cost, which will be paid or financed with tax increments, will equal $600,000. For purposes of OSA reporting forms, it is estimated that the cost of improvements, including financing which will be paid for with tax increment will equal $1,063,000 as is presented in the above budget. Estimated costs associated with the District are subject to change among categories without a modification to this TIF 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. Pursuant to MS., Section 469.1763, Subd. 2, no more than 25 percent of the tax increment paid by property within the District will be spent on activities related to development or redevelopment outside of the District but within the boundaries of Development District No. 6, (including administrative costs, which are considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. (AS MODIFIED APRIL 10, 2013) The total uses of funds has been revised to reflect the addition of parcels to the District and includes the additional costs in various categories needed to facilitate additional housing units and commercial facilities in the District. The revised cumulative uses of tax increment funds is summarized in the table below: City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6 -1 2 -9