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City of Mounds View Staff Report <br /> Highway 10 Pedestrian Bridge-Appendices <br /> February 21, 1997 <br /> Page 6 <br /> Additional projects which are under consideration include: <br /> • County Road H2 $800,000 2000 <br /> • Red Oak $750,000 2003 <br /> • La Porte $105,000 1998 or 2003 <br /> (1) This is not the total project cost but the amount anticipated to be paid from local MSA funds. <br /> These funds could be used to fund the City's share of the bridge construction costs <br /> ($120,000) and the design and inspection costs ($65,000)for a total of$185,000. Adding <br /> the pedestrian bridge to the list of projects to be funded from MSA funds would affect the <br /> priority assigned to the road projects listed above, and could delay Spring Lake Road and <br /> subsequent projects by one year. <br /> 2. Tax Increment Financing <br /> Source:Property tax collected in three tax increment districts <br /> Mounds View Business Park;Business Park north of new Highway 10;Area 9 in the existing <br /> Highway 10 corridor <br /> The City has three tax increment financing districts which generated approximately <br /> $2,272,000 in captured tax increment and $300,000 in interest earnings in 1996. The <br /> annual cost for debt service on the bonded debt is approximately$1,300,000, payments on <br /> developer notes are $190,000, and payments of administrative costs are $120,000, for a <br /> total of$1,610,000. We have estimated that approximately $1,000,000 is available each <br /> year for eligible projects. <br /> The City has a cash balance of$6,111,000 accumulated from previous years. A proposed <br /> plan for the use of these funds from 1995 through the year 2004 has been established <br /> which identifies five types of projects. These are: <br /> Approximate Amount <br /> Assigned Per Year <br /> • Housing Replacement Program(single family units) $100,000-120,000 <br /> • Multiple Family Housing Programs $150,000-200,000 <br /> • Business Loan Program $50,000-80,000 <br /> • Highway 10 Redevelopment $235,000-290,000 <br /> • School/Community Facility $800,000 in 1996 only <br /> According to the plan, as of 1997, the Highway 10 Redevelopment category will have <br /> $680,775 available. This appears to be the category most related to the pedestrian bridge <br />