pf_01483 - Laserfiche WebLink

Home

G. H. 2. Properties so identified include the following parcels: Development Parcel The east 400 -feet of the west 1,275.7 feet of the north 400 feet of the Northwest quarter of Section 13, Township 29, Range 23, according to the government survey thereof, subject to County Road B and ditch easement. Dedicated Park Parcel The west 300 feet of the east 700 feet of the west 1,275.7 feet of the north 400 feet of the Northwest quarter of Section 13, Township 29, Range 23, according to the government survey thereof, subject to County Road B and ditch easement. Estimate of Costs The estimate of public costs associated with the tax increment financing redevelopment district are outlined in the following line item budget. BUDGET Remedial Soil Engineering Public Walkway Drainage Relocation Engineering Legal/bonding Administration Contingency *Capitalized Interest $ 175,000 17,000 50,000 62000 15,000 12,000 5,000 120,000 $ 400,000 *The amount of capitalized interest will be equal to an amount sufficient i:o pay interest on the bonds from the date of issue until the date of collection of sufficient tax increment revenue to meet scheduled interest payments when due, but not exceeding 3 years as required by Minnesota Statutes, Chapter 475. Predicting capitalized interest prior to issuance is extremely difficult as it is a function of interest rates, construction schedules and tax timing; therefore, the above figure is only an estimate of capitalized interest and is subject to change. Estimated Amount of Loan/Bonded Indebtedness An estimate of the amount of bonded indebtedness is expected to be $400,000. The term of the issue is 15 years and the interest rate is expected to be 10 percent. The amount of three years capitalized interest is estimated to be $120,000. 7