Management Report and Recommendations 12/31/1989

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City of Lino Lakes, Minnesota Management Report, Page 35 Surface Water Management Fund This fund was established in 1989 to account for the financing of surface water management planning and storm sewer trunk lines. We recommend that assessment of costs associated with surface water management are segregated to allow for allocation to this fund. Economic Development District #1 On January 26,1987 the City established the Economic Development District #1. Within the District, the City established Housing District #1 -1. The housing plan calls for adequate numbers of low to moderate housing units pursuant to MS 273.73 subd. 11. The Housing District #1 -1 has anticipated projects/bonding requirements as follows: Planning and Improvements $974,094 Legal, Planning, Fiscal and Contingency 25,000 Capitalized Interest and Bond Discount 216,404 Estimated Bond Issue $1,215,498 The above bonding was estimated for the Rice Lake Estates special assessment project. That project is now complete. The tax increments generated from the Housing District will be available to subsidize debt service (if required) or will be available for future extensions of the overall construction within the District. The Housing District Financing Plan indicates that the original tax capacity value of the District is $116,869. The values within the District are estimated to be $1,270,000 after completion of the project. This would result in a captured tax capacity value of $1,250,920. The plan, however, refers to a captured value estimated at $141,131. This inconsistency within the official plan should be corrected. (The $141,131 appears to be the anticipated tax increment taxes receivable from the captured value annually.)