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Authorized uses: The TIF Plan contains a budget that authorizes the maximum amount that <br />may be expended: <br />LandlBuilding Acquisition ............... $100,000 <br />..................................... <br />Site Improvements/Preparation .......................................... $1,800,000 <br />Public LTtilities ....................................................................... $400,000 <br />Streets and Sidewalks ............................................................ $177,289 <br />Administrative Costs (up to 10%) ......................................... 367 801 <br />PROJECT COSTS TOTAL ............................................... $2,845,090 <br />Interest................................................................................... 932 922 <br />PRO.IECT COSTS TOTAL ............................................ � <br />See Subsection Z-14, on page 2-6 of the TIF Flan for the fu11 budget <br />authorizat�o�. <br />Fortn of fnancing: The rp oject is proposed to be �inanced by a pay-as-you-ga note. <br />Administrative fee Up to 10% of annual inerement, if casts are justified or administrative <br />and pooling: expenses and up to a maximum of 20% for adrninis�c-ative and pooling. <br />Interfund Loan To rovide the Ci flexi' .'. i.� .� �._...... .. ...._._...._,__...__ <br />p ty 'bil'ty to capitalize 20% ofthe funds frorz�. the District <br />Reyuirement: �or adzninistrative and/or pooling for other projects, the City CounciI wiIl be <br />considering�proval of an interfund loan resolution. <br />� Year Activity Rule After four years from tha date of certification of the District one of the <br />(� 469.176 Subd. 6) foIlowing activities rnust have bean commenced on each parcel in the District: <br />• Demolition <br />• Rehabilitation <br />• Renovation <br />• Other site preparation (not including ufility se�vices such as sewer and <br />water) <br />If the activity has not been started by approximately December 2014, no <br />additional tax increment nnay be talcen from that parcel until the <br />---_ _ <br />comme�cament of a Qualifying activity. <br />S Year Rula Within 5 years of certiiication revenues derived from �ax increments must be <br />{,� �469. I7G3 Subd. 3) expended or obligated to be expended. <br />Any obligations in the District made after approximately Decetniber 2015, witl <br />___ _ not be eli�ible for repayment from #� increments. <br />The eeasons and facts supporting the findings for the adoption of the TIF Plan for the District, as required <br />pursuant to M.S., Section 469.175, Suhd. 3, are included in E�ibit A of th� City resolution. <br />Page 2 <br />EHLERS <br />LEAQERS IN PIiBLIC FiNANCE <br />