11/12/2003 P&Z Packet - Laserfiche WebLink

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• City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota Bond principal payments 0 Bond interest payments 0 Special assessments 3,800,000 Special assessment interest 2,000,000 Administrative expenses 2,921,000 Capitalized interest 2,500,000. Road improvements outside district 4,381.000 Total 29.947.000 The Authority anticipates using a portion of tax increment to repay the City for special assessments including interest at 7% and for public improvements outside the TIF District but within the project area. The Authority reserves the right to administratively adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public cost is not increased. Section L Estimated Sources of Revenue Tax increment revenue 29,205,000. Interest on invested funds 292,000 Bond proceeds 0 Loan proceeds 0 Real estate sales 0 Special assessments 0 Rent/lease revenue 0 Grants 450.000 Total 29.947.000 The Authority anticipates providing financial assistance to the proposed development through the use of a pay -as- you -go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will be distributed to the developer /owner as reimbursement for public costs incurred (see Section K). The Authority reserves the right to finance any or all public costs of the TIF District using pay - as- you -go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The Authority also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. Section M Estimated Amount of Bonded Indebtedness The Authority does not anticipate issuing tax increment bonds to finance the estimated public costs of the TIF District, but reserves the right to issue such bonds in an amount not to exceed $11,335,000. SPRINGSTED Page 7