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

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TAX INCREMENT FINANCING DISTRICT NO.4 The following sections of the TIF plan for TIF District No.4 are amended to include the following: P. 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 qated December 9, 2008, the City intends to use proceeds from TIF District No.4 to purchase the following parcels: 20-32-25-31-0001 -20-32-25-32-00.01 29-32-25-21-0001 29-32-25-33-0001 27-32-25-33-0010 20-32-25-34-0003 25-32-25-43-0043 29-32-25-12-0001 29-32-25-32-0001 27-32-25-14-0014 20-32-25-43-0001 27-32-25-33-0006 30-32-25-23-0003 29-32-25-22-0004 20-32-25-33-0001 30-32-25-11-0025 30-32-25-14-0001 30-32-25-22-0003 All of the property listed- above is located within Development 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.4. SOURCES OF FUNDS Tax Increment Investment Earnings Bond Proceeds $ 6,100,000 $ 450,000 $ 235,000 Total Revenues $ 6,875;000 "Other Revenues" are detailed more fully in the City's tax increment financing repOlting forms to the office of the State Auditor. USES OF FUNDS Land / Building Acquisition Site Improvements / Preparation Costs Installation of Public Utilities Public Parking Facilities Streets and Sidewallcs Public Parl{ Facilities Social, Recreational, or Conference Facilities Bond Principal Payments Bond Intenist Payments Administrative Expenses $ 3,316,598 $ 250,000 $ 711,382 $ 1,112,384 $ 800,000 $ 36,700 $ 19,103 $ 235,000 $ g),215 $ . 290,000 Total Budget: $ 6,875,000 T. Estimate of Captured Tax Capacity and Tax Increment The City is currently collecting approximately $485,000 in tax increment annually from TIP District No.4. This TIF plan modification does not anticipate additional captured tax capacity other than that fi'om 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 ofTIF District No.4 or increase expected captured tax capacity in the TIF District.