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Imme <br />MINI <br />NW <br />City of Lino Lakes, Minnesota <br />Management Report, Page 40 <br />The City established Tax Increment Financing District #1 -2. This district qualifies as a <br />Economic Development T1F district pursuant to Minnesota Statutes 469.174, subdivision 12. <br />District #1 -2 has anticipated projects/bonding requirements as follows: <br />Estimated Actual <br />Land acquisition: <br />Ross site $65,000 <br />Luther's Marine 250,000 <br />VFW 200,000 <br />Demolition and site preparation: <br />Ross site 10,000 <br />Luther's Marine 9,000 <br />VFW 4,500 <br />Sewer and water extension for Sunrise Meadows 170,000 <br />Relocation costs 15,000 <br />Administrative expenses 31,500 $7,536 <br />Capitalized interest and bond discount 220,000 <br />Total $975,000 _ $7,536 <br />The Ross Site was decertified from TIF District #1 -2 and placed in TIF District #1 -3. Luther's <br />Marine and the VFW sites were eliminated from the District prior to certification. <br />The City established Tax Increment District #1 -3 during 1989 by resolution 68 -89. District #1- <br />3 qualifies as a redevelopment district pursuant to Minnesota Statutes 469.174 Subd. 10(a)(2). <br />District #1 -3 has anticipated project requirements as follows: <br />Land acquisition <br />Administrative expenses <br />Total <br />Estimated Actual <br />$200,000 <br />22,000 $14,397 <br />$222,000 $14,397 <br />The City will not issue bonds for this project. The City will enter into an agreement with the <br />developer to reimburse the developer for the costs of the land as increments are available. <br />