Laserfiche WebLink
MODIFICATION TO THE TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -2 <br />The City created Tax Increment Financing District No. 1 -2 and adopted a Tax Increment Financing <br />Plan (the "Plan ") on August 24, 1988. The modifications below are intended to modify specific <br />sections of the Tax Increment Financing Plan for Tax Increment Financing District No. 1 -2. Please <br />refer to the complete Tax Increment Financing Plan, available from the office of the City <br />Administrator, City of Little Canada. <br />In general, the modifications below are intended to authorize the acquisition of any parcel within <br />Development District No. 1 and to modify the estimate of public costs and authorize additional <br />expenditures in Tax Increment Financing District No. 1 -2. <br />Subsection III Public Actions (Parcels in Acquisition) <br />The City may acquire and reconvey the parcels identified in Section II, Subsection D of the <br />Development Program for Development District No. 1 as modified on December 18, 1996. <br />Subsection V -A Financing Plan (Estimated Public Development Costs) <br />The Tax Increment Financing Plan for Tax Increment Financing District No. 1 -2 is modified to <br />provide for the financing of the following activities within Thunder Bay Development District as <br />follows: <br />Estimated Public Develoument Cost <br />It is anticipated that the estimated costs described above will be financed from tax increments from <br />Tax Increment Financing District No. 1 -2. <br />Modified Tax Increment Financing Plan for Tax increment Financing District Pio. I -1 4 <br />Page 16 <br />Original 1988 <br />Budget <br />December 18, 1996 <br />Modification <br />Land Acquisition & Relocation <br />$140,000 <br />$100,000 <br />Public Improvement Costs <br />Interest <br />$48,000 <br />Administration <br />$12,000 <br />GROSS PROJECT COSTS <br />$200,000 <br />$100,000 <br />Land Sale Proceeds <br />NET PROJECT COSTS <br />$200,000 <br />$100,000 <br />It is anticipated that the estimated costs described above will be financed from tax increments from <br />Tax Increment Financing District No. 1 -2. <br />Modified Tax Increment Financing Plan for Tax increment Financing District Pio. I -1 4 <br />Page 16 <br />