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08-11-2003 EDA Packet
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08-11-2003 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
08/11/2003
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City of Lino Lakes, Minnesota <br />Section L Estimated Sources of Revenue <br />Tax increment revenue <br />Interest on invested funds <br />Bond proceeds <br />Special assessments <br />Rent/lease revenue <br />Grants <br />Other <br />Subtotal <br />Transfers in <br />Total <br />2,409,000 <br />50,000 <br />1,785,000 <br />0 <br />0 <br />0 <br />4.244.00 <br />The Authority anticipates providing financial assistance to the "oposed development through <br />the use of a pay-as-you-go technique. As tax increments arc. Ilected from the TIF District in <br />future years, a portion of these taxes will be-distribu ed to the developer/owner as <br />reimbursement for public costs incurred (see Section K <br />The Authority reserves the right to finance, <br />as -you -go assistance, internal funding, ener <br />financing mechanism authorized by law. <br />sources of revenue legal l pp icable to the Prop <br />limited to, special assess uti revenues, <br />Section M Estima <br />The Authority may issue bon <br />amountnrot'to exceed 1,78 <br />Se <br />I public costs of the TIF District using pay- <br />"igation Mor revenue debt, or any other <br />�tals reserves the right to use other <br />rea to pay for such costs including, but not <br />ederal or state funds, and investment income. <br />Bonded Indebtedness <br />otes or interfund loans in an original principal <br />The County Auditor shall certify the original net tax capacity of the TIF District. This value will <br />be equal to the total net to capacity of all property in the TIF District as certified by the State <br />Commissioner of Revenue or districts certified between January 1 and June 30, inclusive, <br />this value is bas on the previous assessment year. For districts certified between July 1 and <br />December 31, inc sine is value is based on the current assessment year. <br />The Estimated Market Value of all property within the TIF District as of January 2, 2003, for <br />taxes payable in 2004, is $885,000. Upon establishment of the TIF District, and subsequent <br />reclassification of property, it is estimated that the original net tax capacity of the TIF District will <br />be approximately $16,950. <br />Each year the County Auditor shall certify the amount that the original net tax capacity has <br />increased or decreased as a result of: <br />(1) changes in the tax-exempt status of property; <br />(2) reductions or enlargements of the geographic area of the TIF District; <br />SPRINGSTED <br />Page 7 <br />
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