PL PACKET 02212006 - Laserfiche WebLink

Home Browse Search

was issued. The City has reviewed the area to be included in the District and found 7 building permits have been issued during the 18 months immediately preceding approval of the TIF Plan.However,the City believes the permit values have been included in the base value of the tax increment calculation and will not have a significant affect on the tax increment.Please see Appendix H for information on the building permits that have been issued. Subsection 2-9. Sources of Revenue/Bonded Indebtedness Public improvement costs,acquisition,relocation,utilities,parking facilities,streets and sidewalks,and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The HRA or City reserves the right to use other sources of revenue legally applicable to the HRA or City and the TIF Plan,including,but not limited to,special assessments,general property taxes, state aid for road maintenance and construction, proceeds from the sale of land, other contributions from the developer and investment income, to pay for the estimated public costs. The HRA or City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TEF Plan. As presently proposed,the proj ect will be financed by a bond issue or pay-as-you-go note and interfund loan. Additional indebtedness may be required to finance other authorized activities. The total principal amount ofbonded indebtedness,including a general obligation(GO)TIF bond,or other indebtedness related to the use of tax increment financing will not exceed$45,000,000 without a modification to the TIF Plan pursuant to applicable statutory requirements. This provision does not obligate the HRA or City to incur debt. The HRA or City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The HRA or City may also finance the activities to be undertaken pursuant to the TEF Plan through loans from funds of the HRA or City or to reimburse the developer on a "pay-as-you-go" basis for eligible costs paid for by a developer. The estimated sources of funds for the District are contained in the table on the next page. SOURCES OF FUNDS TOTAL Tax Increment $53,094,169 PROJECT REVENUES $53,094,169 (AS MODIFIED ON MARCH 14, 2006) SOURCES OF FUNDS TOTAL Tax Increment $73,771,749 Interest Income $50,000 PROJECT REVENUES $73,821,749 Pay-As-You-Go Notes $73,771,749 Interfund Loans $20,000,000 Bond Proceeds $73,771,749 Housing and Redevelopment Authority of St Anthony Tax Increment Financing Plan for Tax Increment Financing District No.3-6