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<br /> _ _ -------------.--------------- ------------ <br /> I <br /> ] costs associated with financing Tax Increment Financing District No. I is as follows: I <br /> .. <br /> Cost June 26,1989 Original Total induding the <br /> Budget May 27, 1997 <br /> Modification I <br /> Park & Trail Development $215,000 215,000 <br /> Administration Cost 48,833 88,833 I <br /> Land Acquisition 395,000 <br /> Soils Correction! 56,446 . <br /> Engi neeringlEn vironmental <br /> Demolition 121,833 I <br /> Interest 98,353 <br /> Total Cost $263,833 $975,465 I <br /> Tax increments from District No. I are being spent outside of the Tax Increment Financing District No.1 I <br /> boundaries for tax increment financing eligible costs in Tax Increment Financing District No.2, including the <br /> acquisition, demolition, and site preparation costs of the Kern Milling site eI <br /> Section 2.10 Estimated Amount of Bonded Indebtedness. It is anticipated that $0 of bonded indebtedness <br /> will be incurred with respect to this portion of Development District No.1 at this time. Pursuant to Minnesota I <br /> Statutes, Section 469.178, Subdivision 1, General Obligation Tax Increment Bonds may be used as required <br /> to amortize the costs identified in Article I, Section].5. It is further anticipated that future bond sales will be <br /> based on availability of tax increment. It is also contemplated that future bonds will not be issued at one time I <br /> but as they are needed. <br /> (As Modified May 27,1997) I <br /> The City has established a pooled internal interfund loan for the costs of the Kern Milling site <br /> acquisition and demolition in Tax Increment Financing District No, 2 in the original principal amount I <br /> of $585,135 in 1990, payable primarily from tax increments in District No, 2. Tax increments from <br /> District No.1 are pledged to this loan and have been used for some debt service, but the tax increments <br /> from District No.1 are also an interfund loan which may be repaid at a later date by increased tax I <br /> increment receipts from District No.2, <br /> The City also expects to establish an interfund loan for the construction of the park and trail costs to I <br /> be encumbered at the time of the adoption of this modification to District No.1. <br /> I <br /> -- <br /> Modification to Tax Increment Financing Plan for Tax Increment Financing Dis.trict No. ] 11.2 <br /> I <br /> ------- <br />