Resolution - #08-12-236 - 12/09/2008

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TAX INCREMENT FINANCING DISTRICT NO. 10. The following Section (page 8) of the TIP Plan for TIP District No. 10 is amended to include the following:. Miimesota Statutes, section 469.177, subdivision 4 requires that the request for certification of ongin,al tax capacity be accompanied by a listmg of properties within the tax increment district for which building permits have been issued in the 18 months preceding approval of the tax increment fmancing plan. The TIF District has had no building permits issued during this period, acc.ordingly the most recent tax capacity is estimated tobe 8,021. METHOD OF FINANCE . The City Council elects to use tax increment financing pursuant to Minnesota Statutes, Chapter . 469, to finance all or part of the costs of the Project. By electing this method offmancing, the City" Council is not precluding the use of other methods provided by State law. . ! FINANCIAL PLAN ESTIMATE OF PUBLIC COST The following is an estimate of capital and adininistrative costs including cost of TIF District indebtedness, source . of revenue, most recent tax capacity, and estimate of captured ~ax capacity. '. . . 1. Uses of funds. The City has studied the feasibility of developing property inthe TIF District. To facilitate TIP District development, this TIF Plan authorizes' the use oftax increment fmancing ~o pay for the .cost of certain eligible expenses. The, estimate of public costs and uses of funds associated with the TIF District includes: A. Land/building acquisition B. Public improvements C. Site Improvements. . D. Streets and Sidewalks E. TIP District adminiStration TOTAL USES OF Fl]NDS $485,327 680,000 130,000 150,000 120,000 . $1.565.327 Project expenses wW be paid for with TIP Bonds or on a pay-as-you-go basis. The cost for all activities to be considered for tax increment frriancing wili not exceed, without formal modification, the budget above pursuant to applicable 'statutory requirements. .. . . 2~ Source offunds. 'Project costs.' outlined in the Uses offunds will be fmanced through the annual collection of tax increments: A. Tax increments TOTAL SOURCE OF FUNDS ESTIMATE OF TAX INCREMENT $1.565.327 $1.565,327 Exhibit 1 following 13 .shows the estimate of tax increment used to establish a budget in this TIP Plan. FINANCING ASSUMPTIONS . Tax increment will be used to finance activities in the Project Area. The following information and assumptions . were used to calCulate fmancing costs for the activities in the Proj ect Area. . .1. .Industrial development within the TIP District will commence in fall 2001. Xt is anticipated that the proje,ct will be partially completed ill 2002. Final completl~m will not be laterthan December 31, 2011.