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City of Mounds View TIF District No. 1 Modification 9 | P a g e <br /> <br />interest prior to issuance is extremely difficult as it is a function of interest rates, <br />construction schedules and tax timing; therefore, the given figure is only an estimate of <br />capitalized interest and is subject to change. <br /> <br />(AS MODIFIED NOVEMBER 13,2000) <br /> <br />The budget history and estimate of authorized public costs associated with the tax <br />increment financing redevelopment district are outlined in the line item budget in Appendix <br />B. <br /> <br />H. Estimated Amount of Loan/Bonded Indebtedness <br /> <br />An estimate of the amount of bonded indebtedness is expected to be $6,650,000. The term <br />of the issue is 15 years including 3 years of capita lized interest and the interest rate is <br />expected to be 10.5 percent. The amount of capitalized interest is estimated to be in a range <br />of $2,100,000 to $2,300,000. <br /> <br />(AS MODIFIED JUNE 12,1989) <br /> <br />An estimate of the amount of bonded indebtedness is expected to range between <br />$2,300,000 and $2,500,000. The term of the issue is 14 years including 3 years of <br />capitalized interest. The amount of capitalized interest is estimated to be in a range of <br />$400,000 to $425,000. <br /> <br />(AS MODIFIED MARCH 26, 1990) <br /> <br />An estimate of the amount of bonded indebtedness is expected to range between <br />$3,200,000 and $4,250,000. The term of the issue is 12 years including 3 years of <br />capitalized interest. The amount of capitalized interest is estimated to be in a range of <br />$600,000 to $700,000. <br /> <br />(AS MODIFIED NOVEMBER 13, 2000) <br /> <br />The City reserves the right to incur bonded indebtedness or other indebtedness as a result of <br />the Modified Plan. The projects have been financed by bond issues, inter-fund loans and <br />transfers. Additional indebtedness may be required to finance other authorized activities. <br />The total principal amount of bonded indebtedness or other indebtedness related to the use <br />of tax increment financing will not exceed $36,000,000 without a modification to the Plan <br />pursuant to applicable statutory requirements. <br /> <br />I. Sources of Revenue <br /> <br />Several sources of revenue may be used to finance public costs associated with the <br />development projects in the municipal development district including tax increment <br />financing, special assessments, small cities development and federal grant funds. Tax <br />increment financing refers to a funding technique that utilizes increases in assessed <br />valuation and the property taxes attributed to new development to finance, or assist in the <br />financing of public development costs. The office/service center, warehouse, and restaurant