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CentervilleTIFDistrict1-8 <br />October4,2019 <br />Page 6 <br />ItemPlanSectionComments <br />theCitywillusetheavailabletaxincrementsto <br />reimbursetheDeveloperandtheCityforactualcosts <br />incurred,alongwithinterestpaymentsonthebalances <br />outstanding.ThetermsforpaymenttotheDeveloper <br />willbedetailedinadevelopment(TIF)agreementand <br />thetermsforpaymenttotheCitywillbedetailedina <br />resolutionprovidingfortheadvancementoffundsto <br />payCityadministrativecosts. <br />Bonded3.04.7AllpaymentstotheDeveloperwillbeona“pay-go” <br />basispayablesolelyfromavailabletaxincrementsand <br />Indebtedness <br />willnotbeageneralobligationoftheCity.TheTIFAct <br />describesa“pay-go”TIFrevenuenoteasabonded <br />indebtedness. <br />TheCitymayloanoradvancemoneyfromitsGeneral <br />Fundoranyotherfundithaslegalauthoritytouseto <br />financetheCityadministrativecostsfortheTIFDistrict, <br />includingcostsrelatedtotheestablishmentoftheTIF <br />District.TheCitywillreimburseitselfwithaportionof <br />thetaxincrementscollected.TheTIFPlanprovidesfor <br />reimbursementofupto$70,967ofadministrativecosts. <br />Duration3.04.8TheTIFPlanelectsamaximumdurationof20years <br />whichislessthanthemaximumdurationallowedfora <br />housingTIFdistrictintheTIFAct.Theestimatedmonth <br />andyearoffirstreceiptoftaxincrementisJuly2022.The <br />estimatedrequireddecertificationdatebasedonyear <br />2022asthefirstyearoftaxincrementcollectionis <br />December31,2041.TheTIFActallowstaxincrementsto <br />becollectedfromahousingTIFdistrictforaperiodnot <br />toexceed25yearsfromthedateofreceiptofthefirsttax <br />increment.Asnoted,theTIFPlanfortheTIFDistrict <br />providesforshorterdurationthanwhatisallowedby <br />law. <br />PropertyTaxes <br />BecausethepropertywheretheProjectwillbelocatediscurrentlytaxexempt,theapprovalofthe <br />TIFDistrictandcompletionoftheProjectwillresultinanestimated$24,943increaseintaxespayable <br />totherespectivetaxingjurisdictions.ThisamountwillnotbecapturedwithintheTIFDistrict.The <br />estimatedannualcapturedtaxes(taxincrements)isestimatedat$100,189(inthefirstyearoftheTIF <br />7 <br /> <br />