Agenda Packets - 1994/05/09 - Laserfiche WebLink

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total additional principal costs hereby added to the Project Plan (to be eligible for financing through tax increment and other revenues, including bond proceeds) is estimated to be not less than $20, 000, 000, but the budget for the Project Plan is hereby amended to include all of the tax increment and other revenues generated heretofore or hereafter by the Project, based on the determination by the Board that the development needs of the City exceed the resources available through continued implementation and utilization of the Project and the Tax Increment Districts. These projects are also expected to require the use of the legal authority of the City or the EDA to issue bonds or other debt, including general obligation bonds (of the City) and revenue only obligations, to cover all or a portion of the related development costs. The Board finds that it is necessary and hereby does amend the Project Plan to include such additional activities and related costs as may be involved in such undertakings, as and when the opportunities arise and are approved by the Board. In addition to such other costs, the EDA would expect to incur certain financing costs, such as capitalized interest, bonding discount, costs of issuance, and administrative expenses. These additional costs, together with the interest to be paid on any debt issued by the EDA or the City to assist in financing such projects, would also be part of the "development costs" of the Project and would therefore be included within the Project Plan. Accordingly, the EDA anticipates utilizing all future tax increment receipts from the Tax Increment Districts to retire outstanding debt and other obligations heretofore and to be incurred for the betterment and development of the Project Area. The EDA hereby amends the Project Plan to provide for the issuance of bonded indebtedness in an aggregate principal amount equal to and necessary to finance the activities described in the Project Plan, as adopted and amended herein. The EDA shall also acquire and expects to acquire those properties within the Project Area which may be needed for purposes of or helpful in implementing the Project Plan. In addition to the costs described above, the EDA intends to pay from available tax increment such qualifying administrative costs as may be permitted by but subject to the applicable limitations provided in the Tax Increment Act. Section 1. 5. Amendment of Existing Tax Increment Plans. Each of the Tax Increment Plans for the existing three Tax Increment Districts is hereby amended to incorporate all of the public development costs, programs, goals, and activities 257768 -6-