Laserfiche WebLink
CITY OF ST. ANTHONY <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 1999 <br /> Note 19. Tax Increment Finance Districts, continued <br /> The Chandler housing project received its funding from revenue bonds issued through <br /> the City of St. Anthony. Under terms of the development agreement, the Authority <br /> Q advanced the first $700,000 of tax increment revenues received to fund the required <br /> debt service reserve. The developer has repaid the amount advanced. Future tax <br /> increment revenues of this district have been pledged to retire debt issued for <br /> construction of the community center complex, if required. <br /> aNo debt has been issued in connection with the Evergreen project. However, under <br /> terms of a tax increment revenue note, the Authority agreed to reimburse the devel- <br /> oper for certain soil correction costs in an amount not to exceed $267,000. Payment <br /> of this note is made from tax increment revenues received by the Authority. <br /> The Authority has agreed to reimburse the developer for certain costs associated <br /> with the Apache Plaza II project from tax increment revenues being generated from <br /> this district. The original tax revenue note was for $130,000. <br /> a It is anticipated,, based upon current collection of tax increment revenues continuing, <br /> sufficient revenues will be generated to retire the bonds and notes issued, and the <br /> related interest thereon in connection with these redevelopment projects. <br /> a <br /> o <br /> a <br /> a <br /> a <br /> o <br /> a <br /> a <br /> -35- <br />