12-14-1998 EDA Packet - Laserfiche WebLink

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DEC 08 '98 02:40PM EHLERS & ASSOCIATES P. 3/9 alEhlers and Associates Tax Increment Financing District Overview City of Lino Lakes - Tax Increment Financing District No. 1-9 Proposed action: Establishment of TIF District No. 1-9 and the adoption of the Tax Increment Financing Plan and Modification of District No. 1-7 to remove parcels to be included in District No. 1-9. Project Area: No Modification to the Development Program for Development District No. 1 is needed. Type of TIF District: An Economic Development District Parcel Number: 17-31-22-23-0012 17-31-22-32-0004 18-31-22-42-0002 18-31-22-41-0008 17-31-22-21-0019 Location: See the attached map Proposed development: To facilitate development of the Apollo Business Center in the City of Lino Lakes. It is anticipated that upon completion of development that there will the potential for a total of approximately 35 new businesses in the park assuming a two acre average per development site. Estimated annual tax increment: $552,963 Proposed uses: The TIF Plan contains the following budget: Land Acquisition $1,860,503 Site Improvements 100,000 dilt6` , Public Improvements 933,475 Street and Public Utilities 100,000 Loan Principle Repayment 3,000,000 Interest 600,000 Administrative Costs (up to 10%) 359,404 TOTAL $6,953,382 Form of financing: Inter -fund loans and pay-as-you-go notes Maximum duration: The duration of District No. 1-9 will be 9 years from the date of receipt of the first increment or 11 years from the date of approval of the Plan, whichever is less. The date of receipt of the first tax increment will be approximately 2001. Thus, it is estimated that District No. 1-9, including any modifications of the Plan for subsequent phases or other changes, would terminate after 2009, or when the Plan is satisfied