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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-6
<br />Subsection 2-9. Sources of Revenue/Bonded Indebtedness
<br />Public improvement costs, acquisition, relocation, utilities, parking facilities, streets, billboard relocation and
<br />removal, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily
<br />through the annual collection of tax increments. The EDA or City reserves the right to use other sources of
<br />revenue legally applicable to the EDA or City and the TIF Plan, including, but not limited to, special
<br />assessments, general property taxes, state aid for road maintenance and construction, proceeds from the sale
<br />of land, other contributions from the developer and investment income, to pay for the estimated public costs.
<br />The EDA or City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TIF
<br />Plan. As presently proposed, the project will be financed by a Limited Tax Increment Revenue Note (pay-as-
<br />you-go note) and possibly a portion through interfund loans. Additional indebtedness may be required to
<br />finance other authorized activities. The total principal amount of bonded indebtedness, including a general
<br />obligation (GO) TIF bond, or other indebtedness related to the use of tax increment financing will not exceed
<br />$14,800,000 without a modification to the TIF Plan pursuant to applicable statutory requirements. It is
<br />estimated that up to $5,000,000 in interfund loans may be financed with tax increment revenues. It is
<br />estimated that up to $5,000,000 in transfers may be financed with tax increment revenues. It is estimated that
<br />up to $14,800,000 in Limited Tax Increment Revenue Note proceeds may be financed with tax increment
<br />revenues.
<br />This provision does not obligate the EDA or City to incur debt. The EDA or City will issue bonds or incur
<br />other debt only upon the determination that such action is in the best interest of the City. The EDA or City
<br />may also finance the activities to be undertaken pursuant to the TIF Plan through loans from funds of the
<br />EDA or City or to reimburse the developer on a "pay-as-you-go" basis for eligible costs paid for by a
<br />developer.
<br />The estimated sources of funds for the District are contained in the table below.
<br />SOURCES OF FUNDS TOTAL
<br />Tax Increment $32,600,000
<br />Interest Revenue $100,000
<br />PROJECT REVENUES $32,700,000
<br />Interfund Loans $5,000,000
<br />Transfers $5,000,000
<br />TIF Note $14,800,000
<br />(As Modified February 13, 2006)
<br />Public improvement costs, acquisition, relocation, utilities, parking facilities, streets, billboard relocation and
<br />removal, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily
<br />through the annual collection of tax increments. The EDA or City reserves the right to use other sources of
<br />revenue legally applicable to the EDA or City and the TIF Plan, including, but not limited to, special assess-
<br />ments, general property taxes, state aid for road maintenance and construction, proceeds from the sale of land,
<br />other contributions from the developer and investment income, to pay for the estimated public costs.
<br />The EDA or City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TIF
<br />Plan. As presently proposed, the project will be financed by a Limited Tax Increment Revenue Note (pay-as-
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