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07-25-2016 EDA Packet
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07-25-2016 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
07/25/2016
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Lino Lakes Economic Development Authority, Minnesota <br />Section L Estimated Sources of Revenue <br />Tax increment revenue <br />$2,603,627 <br />Interest on invested funds <br />0 <br />Loan proceeds <br />0 <br />Special assessments <br />0 <br />Rent/lease revenue <br />0 <br />Grants <br />0 <br />Total $2,603,627 <br />The Authority anticipates providing financial assistance on a pay-as-you-go basis for site improvement and <br />infrastructure costs, as well as other TIF-eligible expenses related to the proposed development. As tax increments <br />are collected from the TIF District in future years, a portion of these taxes will be used by the Authority to reimburse <br />the developer/owner for public costs incurred (see Section K). <br />The Authority reserves the right to finance any or all public costs of the TIF District using pay-as-you-go assistance, <br />internal funding, general obligation or revenue debt (referred to together as "TIF Bonds"), or any other financing <br />mechanism authorized by law. The Authority also reserves the right to use other sources of revenue legally <br />applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, <br />federal or state funds, and investment income. <br />Section M Estimated Amount of Bonded Indebtedness <br />The maximum principal amount of bonds (as defined in the TIF Act) secured in whole or part with tax increment from <br />the TIF District is 2 603 627. The Authority currently plans to finance the improvement costs in the form of a pay -as - <br />you go revenue note, but reserves the right to issue bonds in any form, including without limitation any interfund loan <br />with interest not to exceed the maximum permitted under Section 469.178, subd. 7 of the TIF Act. <br />Section N Original Net Tax Capacity <br />The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net <br />tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified <br />between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts <br />certified between July 1 and December 31, inclusive, this value is based on the current assessment year. <br />The Estimated Market Value of all property within the TIF District as of January 2, 2016, for taxes payable in 2017, is <br />$333,000 and the estimated tax capacity is $5,910, which is estimated to be the original net tax capacity of the TIF <br />District upon establishment and subsequent certification. This also includes an anticipated lot split with partial value <br />included within the district and reclassification of the property to commercial -industrial. <br />Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as <br />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 />(3) changes due to stipulation agreements or abatements; or <br />(4) changes in property classification rates. <br />SPRINGSTED Page 7 <br />
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