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City of St. Anthony, Minnesc 40 <br /> Through our work with Hennepin County we discovered an <br /> inaccuracy in their calculation of the base tax capacity in this <br /> district. The error acted to inflate the true base tax capacity so it <br /> has effectively been reducing the amount of increment the City has <br /> received over the years. It is projected this error will result in a loss <br /> of increment in pay 2002 of approximately $9,000. <br /> We recommend sending a request to the County with an <br /> explanation of this error so that the correction can be made for pay <br /> 2003. The County will not make any changes retroactively. <br /> Chandler <br /> Chandler is a redevelopment district created in 1985 and expiring in <br /> 2011. <br /> Projected revenues plus the existing fund balance will support a TIF. <br /> budget through 2011 of approximately$1,560,000. <br /> Future increments will continue to decline through 2004 due to <br /> compression-of housing class rates. <br /> Apache I <br /> Apache Plaza I is a redevelopment district created in 1993 and <br /> expiring in 2019. <br /> Increments received are being utilized to pay outstanding debt <br /> related to the Cub Foods bonds in the amount of $205,922 per year <br /> through 2013. Projections indicate the district, with its existing fund <br /> balance, will continue to be able to support this annual debt service <br /> through to the last three.years of scheduled debt service on the <br /> bonds, 2011 through 2013, during which a total three year deficit of <br /> approximately $70,000 will occur. Should the projected shortfall <br /> materialize we recommend an approach that includes participation <br /> from the developer as it relates to the developer shortfall <br /> agreement. From 2014 through to decertification of the TIF district <br /> in 2019 fund balance revenues continue to rise because of no <br /> further outstanding debt obligations. <br /> Page 2 SPRINGSTED <br />