Management Report and Recommendations 12/31/1995

Home Search

glow loop City of Lino Lakes, Minnesota Management Report, Page 34 Tax Increment Financing #1 -4 The City established Tax Increment District #1-4 during 1990 by resolution 10 -90. District #1-4 is an Economic Development District. The duration of the district is eight years from the date of the receipt of the first increment or ten years from the date of approval of the TIF plan. At December 31, 1995 this fund had a deficit balance of $36,069. District #1-4 has anticipated project requirements as follows: Estimated Actual Land acquisition $435,000 $ - Public improvements 1,115,000 - Administrative 110,000 59,955 Bond discount 40,000 - Capitalized interest 360,000 Total $2,060,000 $59,955 Tax Increment Financing #1 -5 The City established Tax Increment District #1 -5 pursuant to MS 469.174 Subdivision 11 which qualifies it as a Housing District. The duration of the District is twenty -five years from the date of the first increment. The plan for District #1 -5 was approved and adopted on December 14, 1992. Tax Increment Financing #1 -6 District #1 -6 is an Economic Development district and was established in August, 1994. The duration of the district is 10 years.