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Subsection 2-10.Uses of Funds <br /> Currently under consideration for the District is a proposal to facilitate redevelopment fora mixed-use project, <br /> which includes rental and owner occupied housing and retail. The HRA and City have determined that it will <br /> be necessary to provide assistance to the project for certain costs. The HRA has studied the feasibility of <br /> the development or redevelopment of property in and around the District. To facilitate the establishment and <br /> development or redevelopment of the District,this TIF Plan authorizes the use of tax increment financing to <br /> pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with <br /> the District is outlined in the following table. <br /> USES OF FUNDS TOTAL <br /> Land/Building Acquisition and Relocation $17,500,000 <br /> Site Improvements/Preparation $6,000,000 <br /> Other Public Improvements $8,500,000 <br /> Planning and Engineering $2,500,000 <br /> Environmental $2,000,000 <br /> Interest $11,284,752 <br /> Administrative Costs (up to 10%) $5,309,417 <br /> PROJECT COSTS TOTAL $53,094,169 <br /> Estimated costs associated with the District are subject to change among categories without a modification <br /> to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, <br /> without formal modification,the budget above pursuant to the applicable statutory requirements. Pursuant <br /> to M.S., Section 469.1763, Subd. 2,no more than 25 percent of the tax increment paid by property within <br /> the District will be spent on activities related to development or redevelopment outside of the District but <br /> within the boundaries of Redevelopment Project Area No. 3, (including administrative costs, which are <br /> considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. <br /> (AS MODIFIED ONMARCH 14, 2006) <br /> USES OF FUNDS TOTAL <br /> Land/Building Acquisition $18,500,000 <br /> Site Improvements/Preparation $15,000,000 <br /> Other Public Improvements $10,500,000 <br /> Planning and Engineering $2,500,000 <br /> Environmental $2,300,000 <br /> Streets and Sidewalks $3,350,000 <br /> Interest $14,294,575 <br /> Administrative Costs (up to 10%) $7,377,174 <br /> PROJECT COSTS TOTAL $73,821,749 <br /> Housing and Redevelopment Authority of St. Anthony Tax Increment Financing Plan for Tax Increment Financing District No.2-3 <br />