12-10-2012 EDA Packet - Laserfiche WebLink

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Economic Development Authority of the City of Lino Lakes, Minnesota Subsection I Modification of TIF Plan The Plan for the TIF District No. 1-5 may be modified by the Authority, provided that any enlargement of geographic area of the TIF district, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if that determination was not a part of the original Plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the Authority, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the Authority shall be approved upon the notice and after such discussion, public hearing and findings as required for approval of the original Plan. The Authority is proposing an administrative amendment to the TIF Plan to which there will not be any of the prior listed activities that would cause the need for notice and public hearing as required for approval of the original Plan. As included in Subsection R below, the Authority intends to adjust specific project costs of the original Plan budget to authorize for the spending of available tax increments on eligible 'pooling' activities of the Project Area. Specifically, the Authority intends to use available tax increments for the construction of affordable housing within the Project Area and Authority project referenced as Legacy at Woods Edge. Subsection J. Use of Tax Increment Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived from TIF District No. 1-5 will be used in accordance with the Plan. The revenues will be used to finance or otherwise pay the capital and administrative costs of development activities within Development District No. 1 as identified in the Program and the Plan for TIF District No. 1-5. The Authority will comply with the limitations on the use of increment within Development District No. 1 but outside of TIF No. 1-5 required by Section 469.1763 of the TIF Act. Under Modification No. 1 to this Plan, the City is authorizing expenditure of tax increments outside the TIF District to finance additional affordable housing projects, which expenditures are deemed to be activities within the TIF District under Section 469.1763, subd. 2 of the TIF Act. Subsection R Estimate of Public Costs The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax increments of the TIF District. Original Approved Budget (December 28, 1992) Administrative Amendment December 10, 2012 Site Excavation and preparation 160,000 Utilities/Assessments 200,000 130,900 Streets 125,000 81,950 Landscaping 200,000 Land Acquisition 155,000 101,750 Site Improvements 235,950 Subtotal 840,000 550,550 Administrative 75,000 30,450 Other Public Improvements 0 Construction of Affordable Housing 334,000 Total 915,000 915,000 SPRINGSTED Page 1