Resolution 6745 - Laserfiche WebLink

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TIFDistrict Ovewiew • Authorized uses: The TIF Plan contains a budget that authorizes the maximum amount that maybe expended: LandBuilding Acquisition ................................................................... $2,100,000 Site Improvements/Preparation ............................................................ $6,000,000 .............................................................. Public Utilities ........................... , Parking Facilities .................................................................................. $3,000,000 Roads ....................................................................................................... $500,000 Billboard Removal /Relocation ............................................................... $930,000 Demolition/Relocation ............................................................................ $500,000 Interest ................................................................................................ $16,947,319 Administrative Costs (up to 10%) ........................................................ $2,122,681 PROJECT COSTS TOTAL .................................................................. 32,700,000 The budget is being modified to reflect additional costs that may occur due to Phase II construction. The maximum amount that may be expended is as follows: Land/Building Acquisition ................................................................................. $0 Site Improvements/Preparation .......................................................................... $0 Public Utilities .................................................................................................... $0 ~ Parking Facilities ................................................................................ $22,900,000 i Roads .................................................................................................................. $0 Billboard Removal /Relocation .......................................................................... $0 Demolition/Relocation ....................................................................................... $0 Interest ................................................................................................ $21,350,000 I Administrative Costs (up to 10%) ........................................................ $2,450,000 'i PROJECT COSTS TOTAL ..................................................................46,700,000 See Subsection 2-10, page 2-7 of the TIF Plan for the full budget authorization. Additional uses of funds are authorized which include inter-fund loans and transfers and bonded indebtedness. The actual amount of tax increment assistance will be determined for the project after the costs of public improvements are known and documented and the developer provides a detailed project proforma. Form of financing: The project will be fmanced primarily through apay-as-you-go note Administrative fee: Up to 10% of annual increment, if costs are justified. The Plan and Developer Agreement authorize up to 5%. Interfund Loan If the City wants to pay for administrative or other expenditures from a tax Requirement: increment fund, it is recommended that a resolution authorizing a loan from another fund be passed PRIOR. to the issuance of the check. The reasons and facts supporting the findings for the adoption of the TIF Plan for the District, as required pursuant to MS., Section 469.175, Subd. 3, are included in Exhibit A of the City resolution. Page 2 !FREERS t~, ,