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()- <br />TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 <br />Figure 3.1 <br />City of Centerville <br />Tax Increment Financing District No. 1-8 <br />Centerville - Westview St. <br />Projected Source of Tax Increment Revenues and Use of Tax Increment Revenues <br />Total <br />Estimated Tax Increment Revenues (from tax increment generated by the district) <br />Tax increment revenues distributed from the county$4,550,180 <br />Interest and investment earnings$20,000 <br />Sales/lease proceeds$0 <br />Market value homestead credit$0 <br />Total Estimated Tax Increment Revenues$4,570,180 <br />Estimated Project/Financing Costs (to be paid or financed with tax increment) <br />Project costs <br />Land/building acquisition$0 <br />Site improvements/preparation costs$2,500,000 <br />Utilities$0 <br />Other qualifying improvements$253,443 <br />Administrative costs$227,509 <br />Estimated Tax Increment Project Costs$2,980,952 <br />Estimated financing costs <br />Interest expense$1,589,229 <br />Total Estimated Project/Financing Costs to be Paid from Tax Increment$4,570,180 <br />Estimated Financing <br />Total amount of bonds to be issued$4,570,180 <br />3.04.4 Administrative Expense <br />Figure 3-1 in Section 3.04.3 provides the estimated amount of administrative costs to be paid <br />from tax increments. The TIF Act limits the percent of tax increment derived from property that <br />may be used to pay administrative expenses. Anticipated administrative expenses of the TIF <br />District may include annual audit of the fund for TIF District, preparation of annual reporting, <br />legal publication of annual report, and administration of the Development Agreement, among <br />other allowable administrative expense. The City may reimburse itself for costs associated with <br />the establishment of the TIF District, including the TIF Plan and preparation of agreements. <br />3.04.5 County Road Costs <br />The proposed development will not substantially increase the use of county roads or necessitate <br />the need to use tax increments to pay for county road improvements. <br />3.04.6 Bonded Indebtedness <br />The total amount of bonds estimated to be issued is shown in Figure 3-1 in Section 3.04.3. <br />Pursuant to Section 469.178, subdivision 7 of the TIF Act, the City may advance or loan money <br />DRAFT AS OF JUNE 5, 2024 8 <br /> <br />