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Section 2.8. Fiscal Disparities. The City hereby elects the method of tax increment computation set <br />forth in Minnesota Statutes, Section 469.177, Subdivision 3, clause (a). <br />Section 2.9. Estimated Public Improvements Costs. The estimated costs associated with Development <br />District No. 1 are listed on the following page. <br />Cost <br />Total Including the <br />April 26, 1993 <br />May 27, 1997 <br />Original Budget <br />Modification <br />Land Acquisition <br />1969000 <br />1949210.17 <br />Excavation/grading <br />12500 <br />1259000.00 <br />Landscaping/sod-lawn sprinklers <br />5000 <br />379908.60 <br />Curb/gutter <br />1200 <br />10,150.00 <br />Site concrete <br />2135000 <br />21300.00 <br />Site utilities <br />421000 <br />575730.23 <br />Bituminous paving/stripping <br />17,000 <br />17,000.00 <br />Site/electrical <br />125000 <br />1200.00 <br />Financing costs @3.8%, 15 years <br />1315000 <br />131,000.00 <br />City Administrative Expenses <br />9505 <br />95,895.00 <br />Total Cost <br />8935895 <br />8939894.00 <br />(AS MODIFIED DECEMBER 14, 2009) <br />The total uses of funds has been revised to reflect the increased revenues due to extending the term of the <br />district to 26 years and the additional expenditures to pay additional housing costs and future obligations as <br />described in this Plan. The City expects that there may be additional costs, in various categories, needed to <br />facilitate additional housing needs in the City. The revised cumulative uses of tax increment funds is <br />summarized in the table below. <br />USES OF TAX INCREMENT FUNDS TOTAL <br />Land/Building Acquisition P $2509000 <br />Site Improvements/Preparation $5009000 <br />Public Utilities $1029500 <br />Streets and Sidewalks $2509000 <br />Administrative Costs (up to 10%) $147,500 <br />PROJECT COST TOTAL $192509000 <br />Interest 225 000 <br />PROJECT AND INTEREST COSTS TOTAL $194759000 <br />For purposes of OSA reporting forms, uses of funds include interfund loans, bond principal, TIF Note <br />principal, and transfers, all in the principal amount of $3,000,000.These amounts are not cumulative, but <br />represent the various forms of "bonds" included within the concept of bonded indebtedness under the TIF <br />Act. <br />City of Arden Hills Modification of Tax Increment Financing District No. 3 4 <br />