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City of Lino Lakes, Minnesota <br />Management Report, Page 30 <br />Tax Increment Financing #1 -2 <br />The City established Tax Increment Financing District #1 -2. This district qualifies as a <br />Economic Development TIP district pursuant to Minnesota Statutes 469.174, subdivision 12. <br />Financial activity of this fund from inception is as follows: <br />Prior Years 1994 Total <br />Revenue and other sources: <br />Tax increments $300,209 $139,346 $439,555 <br />Interest on investments 20,185 12,851 33,036 <br />Total revenue and other sources 320,394 152,197 472,591 <br />Expenditures and other uses: <br />Administrative 14,365 21,128 35,493 <br />Transfers to other funds 11,069 694 11,763 <br />Total expenditures and other uses $25,434 $21,822 47,256 <br />Fund balance - December 31, 1994 $425,335 <br />Included in administrative expenses is an administrative fee of $18,500. <br />Tax Increment Financing #1-4 <br />The City established Tax Increment District #1 -4 during 1990 by resolution 10 -90. District #1- <br />4 is an Economic Development District. The duration of the district is eight years from the date of <br />the receipt of the first increment or ten years from the date of approval of the TIF plan. At <br />December 31, 1994 this fund had a deficit balance of $21,363. <br />District #1 -4 has anticipated project requirements as follows: <br />Estimated Actual <br />Land acquisition $400,000 $ - <br />Public improvements 1,050,000 <br />Administrative 100,000 59,748 <br />Bond discount 40,000 <br />Capitalized interest 360,000 <br />Total $1,950,000 $59,748 <br />