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l7 <br /> Amendment of City Redevelopment Plan <br /> Page 3 <br /> Prqject Money Authorized <br /> Arbors Townhomes, 16 $260,000 <br /> Valued at $180,000 <br /> $2.9 million <br /> Industrial Custom Products $125,000 <br /> $1.2 million retained plus 65 jobs <br /> Apache Plaza $300,000 <br /> $4.5 million, CUB Store plus 250 jobs plus $1.5 million in bond proceeds <br /> Community Center $2.65 million <br /> bonds issued <br /> The City invested $835,000 in the 4 redevelopment projects from the 1995 amendment and <br /> will increase or retain value of$10,500,000 and 315 jobs will be created. <br /> Benefits of Using TIF in This Manner <br /> 1. Less cost to taxpayer by not having to set up new district. <br /> 2. Less cost to taxpayer by not being penalized LGA. <br /> 3. Less cost to taxpayer by not having to issue bonds. <br /> 4. Immediate gain in tax value to some properties not in the district. <br /> Status of Existing TIF Districts <br /> District <br /> TIF Increment Terminates <br /> *Chandler Housing $240,000 per year 2010 <br /> *Kenzie Terrace Housing $461,910 debt until 1999 2008 <br /> Evergreen Townhomes Housing $59,000 2001 <br /> Walbon Housing $35,000 debt until 2001 2011 <br /> Apache Plaza Commercial 2018 <br /> *The Chandler and Kenzie Terrace districts are the districts the City is using for the <br /> expenditures. <br />