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110 Staff Memo <br /> To: Economic Development Commission Members <br /> From: Cathy Bennett, Economic Development Coordinator <br /> Date: November 10, 1994 <br /> Agenda Item: Discussion of Tax Increment Financing Funds for <br /> 5.e. Capital Projects. <br /> % % /;,,i /%%/%//O/j%/O%!�///%//////�///////i%%///////moi/��//O"A%/ //'%i%///////i° <br /> At the request of the commission, the attached is a brief summary of the funds <br /> generated from the existing tax increment financing districts. These funds are used to <br /> pay off existing bonds, the economic development and marketing programs and <br /> other potential capital projects. <br /> Attached is the actual and projected numbers for 1994 and 1995 respectively. I am <br /> working with our financial consultant to update the financial analysis through the <br /> • year 2015. In 1994, three new projects were approved using tax increment financing. <br /> They are Multi-Tech's 60,000 s.f. expansion, C.G.HiIl's 30,000 new construction and <br /> the Silver Lake Pointe Senior Apartments. These projects need to be included in the <br /> analysis for an accurate projection of available funds. <br /> When the analysis is complete, I will have the finance director and financial <br /> consultants present the information to the EDC. We hope to have this information <br /> for the December meeting. <br /> If you have questions with regard to the attached information please contact me prior <br /> to the meeting so that I may be able to get the answers from the City's financial <br /> director prior to the EDC meeting. <br /> i <br />