Agenda - Council - 12/08/2009 - Laserfiche WebLink

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TAX INCREMENT FINANCING DISTRICT NO.1 The following Sections of the TIF plan for TIP District No. 1 are amended to include the following: O. Parcels to be Acquired. In addition to any land acquisition previously specified and to amend previously specified acquisitions included in the Amendment to the Tax Increment Financing Plan dated December 9, 2008, the City intends to use proceeds from TIF District No. I to purchase the following parcels: 20-32-25-31-0001 20-32-25-32-000 I 27-32-25-13-000 I 27 -32-25-41-0004 28-32-25-14-0005 28-32-25-43-0007 29-32-25-33-0001 30-32-25-23-0003 20-32-25-34-0003 25~32-25-43-0043 27-32-25-14-0001 27-32-25-42-0007 28-32-25-42-0001 28-32-25-34-0002 29-32-25-32-0001 30-32-25-14-0001 20-32-25-43-0001 27-32-25-33-0006 27 -32-25-41 -000 1 27-32-25-42-0008 28-32-25- 13-0001 29-32-25-21-0001 29-32-25-22-0004 30-32"25-11-0025 20-32-25-33-0001 27-32-25-42-0009 27 -32-25-41-0002 28-32-25-44-0010 28-32-25-41-0001 29-32-25-12-0001 30-32-25-22-0003 Some of the above listed property is located outside ofTIF District No.1 but within Development District No.1, and the remainder are within the boundary ofTIF District No.1. Q. Estimate of Project Costs The City expects to provide tax increment financing assistance for the following public costs. The following is the budget for Tax Increment Financing District No. 1. SOURCES OF FUNDS Tax Increment Investment Earnings Bond Proceeds Other Revenues $15,700,000 $ 1,740,000 $ 6,518,296 $ 8,107 Total Revenues $23,966,403 "Other Revenues" are detailed more fully in the City's tax increment financing reporting forms to the office of the State Auditor. USES OF FUNDS Land / Building Acquisition $ 5,389,854 Installation of Public Utilities $ 4,600,000 Parking Facilities $ 32,000 Streets and Sidewall<s $ 2,753,195 -------Sncial;-Recreatiunal,-or-eonference-Facilities--$--1O-1-;3-54-------.----.-..--..--.-------.-------.----------.--.-------.-----.---- Bond Principal Payments $ 7,000,000 BOlnJ-Interest-Payments $-3.,230;000 Administrative Expenses $ 860,000 Total Uses: $ 23,966,403 T. Estimate of Captured Tax Capacity and Tax Increment The City is currently collecting approximately $855,000 in tax increment annually from TIF District No.1. This TIP plan modification does not anticipate additional captured tax capacity other than that from development previously scheduled to occur. V. Estimate of Impact on Other Taxing Jurisdictions. The City believes that this amendment to the Tax Increment Financing Plan will have no practical impact on other taxing jurisdictions. The amendment does not change the boundaries of TIP District No.1 or increase expected captured tax capacity in tQe TIF District.