Management Report and Recommendations 12/31/1993

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City of Lino Lakes, Minnesota Management Report, Page 29 Tax Increment Financing #1 -2 The City established Tax Increment Financing District #1 -2. This district qualifies as a Economic Development TIF district pursuant to Minnesota Statutes 469.174, subdivision 12. District #1 -2 has anticipated projects/bonding requirements as follows: Estimated Actual Land acquisition for Ross site $65,000 Demolition and site preparation for Ross site 10,000 Sewer and water extension for Sunrise Meadows 170,000 Relocation costs 15,000 Administrative expenses 22,200 $14,365 Capitalized interest and bond discount 107,800 Total $390,000 $14,365 The Ross Site was decertified from TIF District #1 -2 and placed in TIF District #1 -3. Tax Increment Financing #1 -3 The City established Tax Increment District #1 -3 during 1989 by resolution 68 -89. District #1- 3 qualifies as a redevelopment district pursuant to Minnesota Statutes 469.174 Subd. 10(a)(2). This district was decertified in 1993. 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, 1993 this fund had a deficit balance of $20,329. District #1-4 has anticipated project requirements as follows: Estimated Actual Land acquisition $400,000 Public improvements 1,050,000 Administrative 100,000 $35,939 Bond discount 40,000 Capitalized interest 360,000 Total $1,950,000 $35,939