My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
12-16-19-SR
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2010-2019
>
2019
>
12-16-19-SR
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/16/2019 4:07:41 PM
Creation date
12/16/2019 4:06:51 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
104
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Dave Perrault – City Administrator <br />Establishment of TIF District No. 5 (TCAAP), Modification to Development District No. 1 and <br />Interfund Loan <br />December 16, 2019 <br /> <br /> <br /> <br /> <br />4. Budget: The budget is based upon the development listed above, an aggressive <br />timeframe for development, and fiscal disparities being inside the District (no impact to <br />other tax payers in the City, so less TIF generated), in order to create a maximum TIF <br />budget. The reason why we create a larger budget is that it is a maximum budget and if <br />over the term of the District, the TIF generated exceeds the budgeted amount, then the <br />City would need to incur the cost of going through the process of holding a public hearing <br />and increasing the budget (same process as creating a new district). We recommend <br />maximum budgets to alleviate the possibility of having to incur the unnecessary expense <br />and to provide the City the maximum flexibility. Below is the current budget per the TIF <br />Plan: <br /> <br /> <br />It should be noted that the budget and line items are fungible, meaning they are not limited <br />to the amount shown in the line item. The only “hard” number is the Project Costs Total <br />(capital) which overall cannot exceed $96.558 million (interest can be less or more as well), <br />without a modification to the budget. <br /> <br />Overall, the budget is only a planning element of the TIF District. The actual amount of <br />TIF the City provides to a development is at the Council’s discretion and is based upon <br />formal application to the City and proforma review by your Municipal Advisor to determine <br />the appropriate level of assistance, if any. If the Council determines to provide assistance, <br />it is then formalized in a TIF Agreement. <br />Use No. of Units or <br />Sq/Ft Total <br />Condos 120 <br />Apartments 760 <br />Single Family 580 <br />Hotel 200 200 <br />Retail 104,500 <br />Restaurant 21,000 <br />Big Box 166,000 <br />Movie Theater 42,000 42,000 <br />Flex/Office 468,850 468,850 <br />Office 185,950 <br />Corporate Office 740,000 <br />1,460 <br />291,500 <br />925,950 <br />USES <br />Land/Building Acquisition 7,000,000 <br />Site Improvements/Preparation 3,000,000 <br />Affordable Housing 12,061,713 <br />Utilities 2,500,000 <br />Other Qualifying Improvements 56,533,126 <br />Administrative Costs (up to 10%)15,463,734 <br />PROJECT COSTS TOTAL 96,558,573 <br />Interest 73,542,505 <br />PROJECT AND INTEREST COSTS TOTAL 170,101,078
The URL can be used to link to this page
Your browser does not support the video tag.