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P46
<br />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 />Section L Estimated Sources of Revenue
<br />The Authority anticipates providing financial assistance to the proposed development through the use of a pay -as-
<br />you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will
<br />be distributed to the developer /owner as reimbursement for public costs incurred (see Section K).
<br />The Authority reserves the right to finance any or all public costs of the TIF District using pay -as- you -go assistance,
<br />internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The
<br />Authority also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such
<br />costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment
<br />income.
<br />Section M Estimated Amount of Bonded Indebtedness
<br />The Authority may issue bonds or pay as you go notes or interfund loans in an original principal amount not to exceed
<br />$1,785,000.
<br />Section N Original Net Tax Capacity
<br />The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net
<br />tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified
<br />between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts
<br />certified between July 1 and December 31, inclusive, this value is based on the current assessment year.
<br />The Estimated Market Value of all property within the TIF District as of January 2, 2003, for taxes payable in 2004, is
<br />$885,000. Upon establishment of the TIF District, and subsequent reclassification of property, it is estimated that the
<br />original net tax capacity of the TIF District will be approximately $16,950.
<br />Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as
<br />a result of:
<br />(1) changes in the tax - exempt status of property;
<br />(2) reductions or enlargements of the geographic area of the TIF District;
<br />(3) changes due to stipulation agreements or abatements; or
<br />SPRINGSTED Page 7
<br />Original TIF
<br />(August 11, 2003)
<br />Modification No. 1
<br />July 18, 2011 (DRAFT)
<br />Tax increment revenue
<br />2,409,000
<br />4,325,264
<br />Interest on invested funds
<br />50,000
<br />50,000
<br />Bond proceeds
<br />1,785,000
<br />1,785,000
<br />Special assessments
<br />0
<br />Rent/lease revenue
<br />0
<br />Grants
<br />0
<br />Other
<br />0
<br />Total
<br />4,244,000
<br />6,160,264
<br />The Authority anticipates providing financial assistance to the proposed development through the use of a pay -as-
<br />you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will
<br />be distributed to the developer /owner as reimbursement for public costs incurred (see Section K).
<br />The Authority reserves the right to finance any or all public costs of the TIF District using pay -as- you -go assistance,
<br />internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The
<br />Authority also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such
<br />costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment
<br />income.
<br />Section M Estimated Amount of Bonded Indebtedness
<br />The Authority may issue bonds or pay as you go notes or interfund loans in an original principal amount not to exceed
<br />$1,785,000.
<br />Section N Original Net Tax Capacity
<br />The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net
<br />tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified
<br />between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts
<br />certified between July 1 and December 31, inclusive, this value is based on the current assessment year.
<br />The Estimated Market Value of all property within the TIF District as of January 2, 2003, for taxes payable in 2004, is
<br />$885,000. Upon establishment of the TIF District, and subsequent reclassification of property, it is estimated that the
<br />original net tax capacity of the TIF District will be approximately $16,950.
<br />Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as
<br />a result of:
<br />(1) changes in the tax - exempt status of property;
<br />(2) reductions or enlargements of the geographic area of the TIF District;
<br />(3) changes due to stipulation agreements or abatements; or
<br />SPRINGSTED Page 7
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