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Economic Development Authority of the City of Lino Lakes, Minnesota
<br />The Authority reserves the right to administratively adjust the amount of any of the items listed above or to
<br />incorporate additional eligible items, so long as the total estimated public cost is not increased.
<br />The Authority initially provided financial assistance to the proposed development within the TIF District through
<br />issuance of a pay -as- you -go note in the principal amount of $840,000, without interest. As tax increments were
<br />collected from the TIF District, a portion of these taxes were distributed to the developer /owner as reimbursement for
<br />public costs incurred. However, the amount paid under the prior note was approximately $550,000 (due to reduction
<br />in tax increment revenues because of several factors, including property tax reform).
<br />Under this Plan as amended, the Authority estimates additional costs in the amount of $334,000 (see chart above) to
<br />finance construction of affordable housing in the Legacy at Woods Edge area, which meets the requirements of
<br />Minnesota Statutes, Section 469.1761. Such additional costs represent amounts qualifying under Minnesota
<br />Statutes, Section 469.1763, subdivision 2(b) and 4.
<br />Subsection S Estimate of Bonded Indebtedness
<br />It is not anticipated that TIF Bonds will be sold with regard to TIF District No. 1 -5 but the Authority expects to enter
<br />into a development agreement with the developer which will contain a revenue obligation in an amount necessary to
<br />reimburse the developer for the above costs.
<br />As noted in Section R, above, the City may finance additional affordable housing project costs through any
<br />obligations permitted under law, provided that any additional bonds or note will not exceed $290,000, such that the
<br />total estimated bonded indebtedness from the TIF District does not exceed the original authorized bonded
<br />indebtedness of $840,000.
<br />Subsection W Estimate of Impact on Other Taxing Jurisdictions
<br />The City does not anticipate that modification of the TIF Plan will change the fiscal impacts of the TIF District on
<br />other taxing jurisdictions, other than to retain the TIF District for its maximum duration. The original TIF Note was
<br />fully paid earlier in 2012, and the City has determined to continue to collect tax increment in order to stimulate
<br />development of additional affordable housing. Such additional housing will not be within the TIF District, and as
<br />such will not create additional fiscal impacts (other than positive impacts in the form of additional tax base not
<br />captured as tax increment).
<br />SPRINGSTED
<br />Page 2
<br />Original TIF
<br />(August 11, 2003)
<br />Modification No. 1
<br />July 18, 2011 (DRAFT)
<br />Tax increment revenue
<br />915,000
<br />900,000
<br />Interest on invested funds
<br />0
<br />15,000
<br />Other
<br />0
<br />0
<br />Total
<br />915,000
<br />915,000
<br />The Authority initially provided financial assistance to the proposed development within the TIF District through
<br />issuance of a pay -as- you -go note in the principal amount of $840,000, without interest. As tax increments were
<br />collected from the TIF District, a portion of these taxes were distributed to the developer /owner as reimbursement for
<br />public costs incurred. However, the amount paid under the prior note was approximately $550,000 (due to reduction
<br />in tax increment revenues because of several factors, including property tax reform).
<br />Under this Plan as amended, the Authority estimates additional costs in the amount of $334,000 (see chart above) to
<br />finance construction of affordable housing in the Legacy at Woods Edge area, which meets the requirements of
<br />Minnesota Statutes, Section 469.1761. Such additional costs represent amounts qualifying under Minnesota
<br />Statutes, Section 469.1763, subdivision 2(b) and 4.
<br />Subsection S Estimate of Bonded Indebtedness
<br />It is not anticipated that TIF Bonds will be sold with regard to TIF District No. 1 -5 but the Authority expects to enter
<br />into a development agreement with the developer which will contain a revenue obligation in an amount necessary to
<br />reimburse the developer for the above costs.
<br />As noted in Section R, above, the City may finance additional affordable housing project costs through any
<br />obligations permitted under law, provided that any additional bonds or note will not exceed $290,000, such that the
<br />total estimated bonded indebtedness from the TIF District does not exceed the original authorized bonded
<br />indebtedness of $840,000.
<br />Subsection W Estimate of Impact on Other Taxing Jurisdictions
<br />The City does not anticipate that modification of the TIF Plan will change the fiscal impacts of the TIF District on
<br />other taxing jurisdictions, other than to retain the TIF District for its maximum duration. The original TIF Note was
<br />fully paid earlier in 2012, and the City has determined to continue to collect tax increment in order to stimulate
<br />development of additional affordable housing. Such additional housing will not be within the TIF District, and as
<br />such will not create additional fiscal impacts (other than positive impacts in the form of additional tax base not
<br />captured as tax increment).
<br />SPRINGSTED
<br />Page 2
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