07/02/2019 EDAC Packet - Laserfiche WebLink

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new housing district is further reduced to $3.218M and the term of assistance is projected to be a maximum of 8.5 years. Tax Increment Financing Plan Included with the packet is the draft Tax Increment Financing Plan for the proposed Tax Increment Financing (Housing) District No. 1-13. Adoption of the TIF Plan for the TIF District will provide the City with the authority to use tax increment revenues for specific eligible projects related to the housing project. The main components of the TIF Plan include the following: • Public purpose o Implementation of approximately 200 senior housing units o Mix of independent and assisted living with memory care and detached town homes o All rental units • Qualification as housing TIF District o At least 20% of the units will be occupied by individuals/persons at 50% of area median income o Required for term of assistance • Term of district o Estimated maximum 8.5 years o May be less with future value growth • Boundaries of proposed district 0 1 parcel with parcel id 31-31-22-43-0018 o Will be split and portion in district (removal of future commercial site) • Budget of projected revenues and expenditures o Total estimated increment of $3,701,133 o Finance TIF note of $3,218,000 (subject to approval of pooling) o City withholding (admin or other) of $185,058 o May be surplus that would be returned to County o Based on 9 years (only collect full years) • Estimated Impact to other taxing entities o County share of revenues: $1,089,103 o School share of revenues: $1,136,840 o City share of revenues: $1,321,21 • Estimated total decrease in combined tax rate upon district decertification 0 (1.110%) The projected tax increment revenues that may be generated from the TIF District are shown in the chart below. Scenario 1 Total Number of Years 8.5 Total Estimated Taxable Value $28,991,000 Estimated Gross Annual Increment $411,237 Estimated Annual City Retained 5% $20,562 Estimated Net Annual Increment 95% $390,675 Total Gross Tax Increment $3,701,133 City Retaina a 5% $185,058 Net Amount Available 95% $3,516,075 Maximum Amount to Developer $3,218,000 Estimated Surplus $298,075 The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow Krause, LLP