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23 <br /> ® MEMORANDUM <br /> DATE: November 7, 2001 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: TIF CASH FLOW ANALYSIS <br /> On June 30, Governor Jesse Ventura signed into law historic tax relief and property tax <br /> reform. Changes were made to the Class Rates, which impacted St. Anthony's Tax <br /> Increment Finance Districts. <br /> Based on those legislative changes, Springsted prepared a TIF Cash Flow Analysis. The <br /> following is a summary,of our TIF Districts: <br /> Kenzie Terrace (#1950) <br /> ➢ Annual Tax Increment—2001 $452,590 <br /> ® ➢ Annual Tax Increment - 2002 $423,628- <br /> > Community Center Bond Payment ($246,588) <br /> ➢ Annual Surplus $177,040 <br /> ➢ District Expires 2008 <br /> ➢ Debt Paid off 2010 <br /> ➢ In 2008, remaining Fund Balance $2,086,755 <br /> is paid to County (City receives <br /> approximately 25 —30% back). <br /> Apache/Cub Foods (#9-G) <br /> ➢ Annual Tax Increment - 2001 $231,279 <br /> ➢ Annual Tax Increment - 2002 $122,084 <br /> ➢ Apache Bond Payment ($205,922) <br /> ➢ Annual Deficit ($ 83,838) <br /> ➢ 1 St year of Deficit 2005 <br /> ➢ Debt paid off 2013 <br /> ➢ Cumulative Deficit in 2013 ($734,657) <br /> ➢ District Expires 2019 <br /> ➢ Developers agreement with Super Valu <br /> ® (Permits City to bill Super Valu for deficits). <br /> ➢ Use Kenzie Terrace surplus increment. <br />