Laserfiche WebLink
HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31 , 1999 <br /> Note 8. 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 /> 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 /> No 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 /> I 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 /> 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 />' Following is certain information for 1999 concerning each of the districts. <br /> Apache Apache <br /> Name of District Kenzie Walbon Chandler Evergreen Plaza I Plaza II <br /> Type of District: Housing Housing Housing Housing Economic Economic <br /> Number of District: 1950 1952 3 7 9G 1H <br /> ----------- --------- --------- --------- ----------- --------- <br /> Current Tax Capacity:p y. $377,575 $37,816 $143,072 $62,801 $421,178 $22,460 <br /> Base Tax Capacity: 32,631 4,046 25,251 847- 265,851 2,882 <br /> ----------- --------- --------- --------- ----------= --------- <br /> Captured Tax Capacity: $344,944 $33,770 $117,821 $61 ,954 $155,327 $19,578 <br /> --- ------ --------- --------- --------- ----------- - -------- <br /> ----------- --------- --------- --------- -------_---- --------- <br /> Bonds Issued $380,000 $1 ,720,000 <br /> Bonds Redeemed 310,000 <br /> Outstanding Bonds at <br /> December 31 , 1999 $70,000 $1 ,720,000 <br /> - --------- ----------- <br /> 1 <br /> 1 <br /> -17- <br /> 1 <br />