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