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~. <br />~~l s <br />ATT'ORN EYS AT ~.AW <br />~4'Iary E. ~~olzahn, Sr. I~evelog~ment ~nalYst <br />II1CIl1 Ill al'~lltt ~7'CISSI1ZOtU'OG'. COIII <br />Voice ,~ICril (9.52) 885-382 <br />MEM®RANDUM <br />To: City of Roseville <br />Attn: Dennis Welsch, Community Development Director <br />Attn: Cathy Bennett, Economic Development Specialist <br />From: Mary E. Molzahn, Sr. Development Analyst <br />James R. Casserly, Esq. <br />Date: July 17, 2003 <br />Re: Arona TIF District Modification <br />Our File No. 9987-8 <br />James R C'asserly, Escl. <br />Email jalliesc(~r•assll~ronl'ae.corrz <br />Ctoice ~fcril (952) 885-1296 <br />The TIF Plan for the Arona TIF District, approved February 22, 1990, included the <br />following projections: <br />1. Estimated tax increment expenditures of $1,560,000. <br />$1,500,000 for land acquisition, write down, school demolition, and <br />$60,000 for modification of the existing sewer line. <br />Tax increments in excess of $1,560,000 were designated for (i) principal <br />and interest payments on outstanding tax increment bonds or (ii) other <br />capital and administrative costs within Development District No. 1. <br />2. Estimated annual tax increment of $172,000 resulting from the construction <br />of a manufacturing facility. <br />3. TIF District duration of 25 years. <br />Current projections include: <br />1. Estimated tax increment expenditures to be determined. <br />8000 NORMAN CENTER QRIVE ®SUITE 1000 ®BLOOMINGTON, MINNESOTA 55437 <br />TELEPHONE 952/885-5999 ®FACSIMILE 952/885-5969 <br />www.krassmonroe.com <br />