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City of Lino Lakes, Minnesota <br />Management Report, Page 37 <br />The City received initial tax increments of .$49,808 in 1988. In 1989 the City had tax <br />increment collections of $82,798. Additionally, this fund had as of December 31, 1989, $58,987 <br />of delinquent tax increments. <br />The City established Tax Increment Financing District #1 -2. This district qualifies as a <br />Economic Development TIF district pursuant to Minnesota Statutes 469.174, subdivision 12. <br />District #1 -2 has anticipated projects/bonding requirements as follows: <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 <br />Capitalized interest and bond discount 220.000 <br />Total $975,000 <br />The City established Tax Increment District #1 -3 during 1989 by resolution 68 -89. <br />District #1 -3 has anticipated project requirements as follows: <br />Land acquisition <br />Administrative expenses <br />$200,000 <br />22.000 <br />Total $222,000 <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 />The City is in the process of establishing Tax Increment District #1-4. This district will qualify <br />as a Economic Development TIF district. <br />Part of required annual financial disclosure with the State of Minnesota is to include in the <br />annual financial report specific information regarding tax increment financing districts. Part of that <br />required information is the original value of the district which is used to calculate the captured value <br />