12-20-2004 EDA Packet - Laserfiche WebLink

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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota Section L Estimated Sources of Revenue Tax increment revenue 25,708,000 Interest on invested funds 292,000 Bond proceeds 0 Loan proceeds 0 Real estate sales 0 Special assessments 0 Rent/lease revenue 0 Grants 450,000 Total 26.450.000 The Authority anticipates providing financial assistance to the proposed development through the use of a pay-as-you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will be distributed to the developer/owner as reimbursement for public costs incurred (see Section K). The Authority reserves the right to finance any or all public costs of the TIF District using pay- as-you-go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The Authority also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. Section M Estimated Amount of Bonded Indebtedness The Authority does not anticipate issuing tax increment bonds to finance the estimated public costs of the TIF District, but reserves the right to issue such bonds in an amount not to exceed $11,335,000. Section N Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The Estimated Market Value of all property within the TIF District as of January 2, 2003, for taxes payable in 2004, is $880,600. Upon establishment of the TIF District, and subsequent reclassification of property, it is estimated that the original net tax capacity of the TIF District will be approximately $10,345. Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as a result of: (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF District; SPRINGSTED Page 8