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Disposition of Applewood Pointe and TIF District #12 proceeds <br />(8.15.03) <br />Arona Proceeds Summary <br />1.0 The proceeds from the sale of the land are unrestricted and are <br />available for immediate use. The usable land proceeds after closing <br />costs = $1, 285,143 <br />2.0 The tax increment generated from the development is available from <br />2005- 2015. The use of these funds is restricted by eligible uses <br />under tax increment law but is not restricted to the Arona site. The <br />total estimated future TI F = $2,000,000 <br />3.0 Total proceeds = $3,285,143 <br />Uses of Proceeds <br />1.0 Parks Improvements -Proceeds of the sale of the land will be <br />transferred directly to the Parks Department in 2003. Total = <br />$1,285,143 <br />2.0 Development Costs -The past and future costs associated with the <br />Arona development include the following for an estimated total of <br />$1,139,000. The increment would pay back up-front costs. <br />1.1 -Site Preparation Costs incurred - $125,000 <br />1.2 Pond Improvements/Pathway - $660,000 <br />1.3 Terrace Drive Extension - $354,000 <br />3.0 Non Development Costs -Once the development costs have been <br />covered, an estimated balance of $861,000 will be distributed to the <br />NRA for housing purposes. This would be accomplished through an <br />inter-fund loan to the HRA in 2003 for the full amount. The increment <br />would pay back this loan. <br />