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City of Hugo, Minnesota <br /> Factual basis: The City Planning Commission has determined that the development proposed in the TIF Plan <br /> conforms to the City comprehensive plan. <br /> (5) The City does not elect the method of tax increment computation set forth in Minnesota Statutes, <br /> Section 469.177, Subdivision 3(b); therefore subdivision 3(a)shall apply which indicates the original <br /> net tax capacity and the current net tax capacity shall be determined before the application of the <br /> fiscal disparity provisions(see method (a)in Section P). <br /> Section K Estimated Public Costs <br /> The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax <br /> increments of the TIF District. <br /> Land/Building acquisition <br /> Site Improvements/Preparation costs <br /> Installation of public utilities <br /> Demolition/Relocation <br /> Streets and sidewalks <br /> Public park facilities <br /> Total Estimated Public Improvements 15,000,000 <br /> Bond principal payments 15,000,000 <br /> Bond interest payments 20,000,000 <br /> Loan Principal payments 0 <br /> Loan Interest payments 0 <br /> Capitalized Interest payments 4,500,000 <br /> Administrative expenses 4,500,000 <br /> Other 1,000,0000 <br /> Total $60,000,000 <br /> The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate <br /> additional eligible items, so long as the total estimated public cost is not increased. The estimated cost of capitalized <br /> interest is included in the loan interest payment amount. <br /> Section L Estimated Sources of Revenue <br /> Tax Increment revenue $44,000,000 <br /> Interest on invested funds <br /> Bond proceeds 15,000,000 <br /> Loan proceeds <br /> Real estate sales 1,000,000 <br /> Special assessments <br /> Rent/Lease revenue <br /> Grants <br /> Other <br /> Total $60,000,000 <br /> The City anticipates using future tax increments for reimbursement of public costs incurred from Section K. As <br /> increments are collected from the TIF District in future years, a portion of these taxes will be reserved by the City as <br /> reimbursement for public costs incurred (primarily land acquisition), either through internal funding or general <br /> SPRINGSTED Page 7 <br />