2013-01-02 CC Packet - Laserfiche WebLink

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TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1 -7 The City reserves the right to use any other legally available revenues to finance or pay for public costs associated with the development in the TIT District. 3.04.4 Estimated Sources and Uses of Funds The estimated sources of revenue, along with the estimated public costs of the TIT District, are itemized in Figure 3 -3. These estimates are based on the best available information in the sources and uses of funds. Such costs are eligible for reimbursement from tax increment derived from property, and other listed sources of tax increment revenues from the TIF District. FIGURE 3 -3 ESTIMATED SOURCES AND USES OF FUNDS Total Estimated Tax Increment Revenues (from tax increment generated by the district) Tax increment revenues distributed from the county $195,010 Interest and investment earnings $0 Sales /lease proceeds $60,000 Market value homestead credit $0 Total Estimated Tax Increment Revenues $255,010 Estimated Project/Financing Costs (to be paid or financed with tax increment) Project costs Land /building acquisition $155,000 Site improvements /preparation costs $50,000 Utilities $0 Other qualifying improvements $8,000 Construction of affordable housing $0 Small city authorized costs, if not already included above $0 Administrative costs $19,501 Estimated Tax Increment Project Costs $232,501 Estimated financing costs Interest expense $22,509 Total Estimated Project /Financing Costs to be Paid from Tax Increment $255,010 Estimated Financing Total amount of bonds to be issued $173,000 The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public cost (uses) is not increased. 3.04.5 Administrative Expense The City reserves the right to retain up to ten percent (10 %) of annual tax increment revenues paid to the City by the County. The City will use these monies to pay for and reimburse the City for costs of administering the TIF district as allowed by the TIT Act. Based on current projections, this amount is estimated to be $19,500 over the proposed life of the TIF District. Anticipated administrative expenses of the TIF District include annual audit of the fund for TIF District, preparation of annual reporting, legal publication of annual report, and administration ADOPTED (J -112)