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• USES OF FUNDS TOTAL
<br />Land/Building Acquisition $2,100,000
<br />Site Improvements/Prepazation $6,000,000
<br />Public Utilities $600,000
<br />Parking Facilities $3,000,000
<br />Roads $500,000
<br />Billboard RemovaURelocation $930,000
<br />Demolition/Relocation $500,000
<br />Interest $16,947,319
<br />Administrative Costs (up to 10%) $2,122,681
<br />PROJECT COSTS TOTAL $32,700,000
<br />Interfund Loans $5,000,000
<br />Transfers $5,000,000
<br />TIF Note Principal $14,800,000
<br />The above budget is organized according to the Office of State Auditor (OSA) reporting forms.
<br />It is estimated that the cost of improvements, including administrative expenses which will be paid or
<br />• financed with tax increments, will equal $57,500,000 as is presented in the budget above.
<br />Estimated costs associated with the District aze subject to change among categories without a modification
<br />to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed,
<br />without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant
<br />to the Special Legislation, Subd. 2, paragraph (d) provides that except as provided in paragraph (e),
<br />increments may only be expended within the area defined in the Special Legislation, Subd. 1, paragraph (b),
<br />and related to development occurring within the area defined in the Special Legislation, Subd. 1, paragraph
<br />(b), whether or not included in a tax increment financing district. Increments may only be spent on one or
<br />more of the following costs, improvements or activities:
<br />(1) acquisition and removal of existing billboards;
<br />(2) acquisition of land and easements, if the parcel is occupied by a building constructed before 1990;
<br />(3) sanitary sewer, sewer, and water improvements;
<br />(4) road improvements;
<br />(5) parking, including structured pazking;
<br />(6) administrative expenses;
<br />(7) wetland mitigation;
<br />(8) soils correction; and
<br />(9) environmental cleanup.
<br />(As ModiSed February 13, 2006)
<br />Currently under consideration for the District is a proposal to facilitate development of an approximate
<br />.1,200,000 sq. fit. business campus for Medtronic, Ino, The EDA and City have determined that it will be
<br />necessary to provide assistance to the project for certain costs. The EDA has studied the feasibility of the
<br />development or redevelopment of property in and around the District. To facilitate the establishment and
<br />• Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-8
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