My WebLink
|
Help
|
About
|
Sign Out
Home
Search
07-25-2016 EDA Packet
LinoLakes
>
City Council
>
Economic Development Authority (EDA)
>
Packets
>
2016
>
07-25-2016 EDA Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/11/2021 8:59:42 AM
Creation date
3/27/2019 8:06:05 AM
Metadata
Fields
Template:
EDA
EDA Document Type
EDA Packet
Meeting Date
07/25/2016
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
96
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
City of Lino Lakes, Minnesota <br />Summary of TIF District No. 1-12 <br />July 1, 2016 <br />Page 2 <br />Sources <br />Amount <br />Uses <br />Amount <br />Equity <br />$6,598,543 <br />Acquisition <br />$2,181,162 <br />Debt <br />$15,396,600 <br />Site Improvements <br />$2,800,000 <br />TIF <br />$2,088,481 <br />Public Infrastructure Costs <br />$977,373 <br />Building Costs <br />$14,153,101 <br />Soft Costs <br />$3,006,441 <br />Financing Costs <br />$565,547 <br />Contingencies <br />$400,000 <br />Total <br />$24,083,624 <br />Total <br />$24,083,624 <br />Following initial conversations with the developer, the amount of project costs eligible for reimbursement for tax <br />increment could include the following: <br />Uses <br />Amount <br />Land Acquisition <br />$2,181,162 <br />Offsite Improvements Public Infrastructure Costs <br />$977,373 <br />Grading/Excavating/Soil Corrections <br />$2,800,000 <br />Total <br />$5,958,535 <br />Based on the City's past practice and financing need and gap for this project, the estimated total amount of <br />assistance for public infrastructure and extraordinary site improvement costs related to construction of the project will <br />be limited to $1,200,000. <br />Tax Increment Assumptions <br />Springsted made certain assumptions to calculate the estimated amount of tax increment revenue generated by the <br />proposed new project. Those assumptions include the following: <br />• Maximum TIF District term — 8 years after receipt of first increment <br />o 9 total years of collection <br />• Base value of land: <br />o PID:24-31-22-34-0001: 155,800 <br />o PID:24-31-22-34-0002: $3,400 <br />o PID:24-31-22-31-0001: $173,600 <br />o PI D: 24-31-22-31-0002: $100 <br />o PID: 24-31-22-31-0003: $100 <br />• Total new value includes land and building <br />■ $18,200,000 <br />0 Based on County value estimate <br />
The URL can be used to link to this page
Your browser does not support the video tag.