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City of Mounds View Staff Report <br /> January 29, 1997 <br /> Page 2 <br /> For informational purposes,total outstanding bonded debt, after subtracting defeased debt <br /> (refmanced debt which is still outstanding until a future call date at which time cash in escrow <br /> will be used to pay off said debt) was $8,530,000 at year-end with the last payment due in 2005. <br /> Total amounts owed to developers under revenue notes was $2,700,000 at year-end; payments <br /> are based upon a percentage of the tax increment generated from the developer's associated <br /> project. <br /> SUMMARY. While a comprehensive report on estimated future TIF activity and balance will be <br /> provided towards the end of February,the above information provides,general information which <br /> is as follows: The TIF funds have cash reserves of approximately$6,000,000. At the present <br /> time,the City needs to reserve funds for future debt service but this money will become available <br /> for other projects once the debt has been retired in the year 2005. The City has also reserved <br /> funds for other projects as noted on the attached list,but as these projects are completed or as <br /> priorities change, the amount needed to be held in reserves changes. On an annual basis, after <br /> factoring in debt service, developer note obligations, and EDA administrative costs, the TIF <br /> funds are generating approximately $1,000,000, which can be used to fund other eligible <br /> projects. <br /> • <br /> 4110 <br />