12-18-1996 Council Agenda - Laserfiche WebLink

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MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THUNDER BAY TAX INCREMENT FINANCING DISTRICT NO. 1 The City created Thunder Bay Tax Increment Financing District No. 1 and adopted a Tax Increment Financing Plan (the "Plan ") in June 1987 and subsequently modified the Plan on June 12, 1990 to provide for the payment of additional project costs. The modifications below are intended to modify specific sections of the Tax Increment Financing Plan for Tax Increment Financing District No. 1 -1. Please refer to the complete Tax Increment Financing Plan, available from the office of the City Administrator, City of Little Canada. In general, the modifications below are intended to authorize the acquisition of any parcel within Development District No. 1 and to modify the estimate of public costs and authorize additional expenditures in Tax Increment Financing District No. 1 -1. Subsection II -C Public Actions (Parcels in Acquisition) The City may acquire and reconvey the parcels identified in Section 11, Subsection D of the Development Program for Development District No. 1 as modified on December 18, 1996. Subsection IV -A Financing Plan (Estimated Public Development Costs) The Tax Increment Financing Plan for Tax Increment Financing District No. 1 -1 is modified to provide for the financing of the following activities within Thunder Bay Development District as follows: Estimated Public Development Cost Modified Tax Increment Financing Plan for Tax Increment Fi ancing District No. 1 -1 Page 14 Original 1987 Budget June 12, 1990 Modification December 18, 1996 Modification Acquisition & Relocation $70,000 $94,498 $200,000 Consultant $4,000 Local Attorney $1,000 Public Improvement Cost $105,400 Engineering $18,000 Interest $32,776 Other $8,359 Administration $10,000 GROSS PROJECT COSTS $75,000 $269,033 $200,000 Modified Tax Increment Financing Plan for Tax Increment Fi ancing District No. 1 -1 Page 14