Agenda Packets - 1995/06/05 - Laserfiche WebLink

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Casserly Molzahn & Associates, Inc. 215 South 11th Street, Suite 300 • Minneapolis • Minnesota 55403 Office (612) 342-2277 • Fax (612) 334-3382 MEMORANDUM TO: Mounds View Economic Development Authority FROM: Mary E. Molzahn James R. Casserly RE: Ten -Year Plan for Development District No. 1, including TIF Districts No. 1, No. 2 and No. 3 DATE: May 31, 1995 Attached is a Ten -Year Plan for Development District No. 1, including TIF Districts No. 1, No. 2 and No. 3 for the City of Mounds View (the "City") and its Economic Development Authority (the "EDA"). The purpose of these analyses is to project revenues and expenses over a ten year period, from 1995 through 2004, in order to assist the City/EDA in their development and redevelopment activities. SUMMARY OF TEN-YEAR PLAN AVAILABLE FOR PROJECT EXPENSES: The available revenues in 1995 of $2,486,5080 represents funds the City currently has in its Tax Increment Fund as of year-end 1994. This balance is net after receipt of 1994 tax increments, payment of 1994 expenses and the deduction of $1,400,000 for a debt service reserve which is maintained through 2002. Beginning in 2003, the debt service reserve is decreased to reduce remaining debt service payments. The available revenues in 1996 through 2004 represent the annual balances, projected tax increment receipts less debt service/revenue note payments and the retention of administrative fees, for the previous year. For example, the $367,445 figure in 1996 reflects the 1995 annual balance which is available for 1996. Through 2004, approximately $8.4 million is available for project expenses. PROPOSED PROJECT EXPENSES: These expenses are annual estimates provided by City Staff for single and multi housing units, business loans, Highway #10 redevelopment, retail redevelopment and a school/ community facility. Schedule I to this Summary provides a breakdown on these costs by type of expenditure and proposed year of expenditure.