04-10-2013 Council Agenda - Laserfiche WebLink

Home Browse Search

The estimated sources of funds for the District are contained in the following tables. SOURCES OF FUNDS Tax Increment TOTAL $600,000 OTHER SOURCES OF FUNDS Interfund Loans Transfers TIF Note Principal $220,000 $8,000 $235,000 The other financing sources listed above are included for purposes of OSA reporting for the TIF District, They are not intended to be cumulative. Transfers are included in case money is moved from one fund to another before an expenditure. (AS MODIFIED APRIL 10, 2013) In Tight of' the expansion of the District, the total estimated tax increment revenues for the District are expected to be approximately $2,080,000, as shown in the table below: SOURCES OF FUNDS Tax Increment Interest TOTAL TOTAL $2,080,000 $208.000 $2,288,000 The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $1,388,000. Such bonds may be in the form of pay -as -you go notes, revenue bonds or notes, general obligation bonds, or interfund loans. As presently proposed, the projects within the District will be financed by an interfund loan. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of this Modification. Subsection 2 -10. Uses of Funds Currently under consideration for the District is a proposal to enable the City to aid in the acquisition and ultimate redevelopment of property at 2966 Arcade Street. The development is intended to facilitate the construction of nine owner - occupied, single family homes. The City has determined that it will be necessary to provide assistance to the project(s) for certain District costs. as described. The City has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following tables. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6•I 2.8