Agenda - Council - 12/13/1994 - Laserfiche WebLink

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O. Parcels to be Acquired Within the TIF District. It is not anticipated that the City will acquire any property within TIF District No. 1 at the present time. It may be necessary in the future to acquire land in connection with certain bridge and highway improvements on County Road #116. P. TIF Account. The tax increment received, with respect to the TIF Districts within Development District No. 1, shall be segregated by the City in a special account on its official books and records or held by a trustee for the benefit of holders of bonds issued to finance development activities. Q. Estimate of Project Costs. In addition to previously-budgeted public costs, the City expects to provide assistance for the extension of City utilities to the Anoka Electric Cooperative site within the Development District. The City also expects to fund consn-uction of Water Tower Number 2 and Well Number 3 within the Development District. Additional costs to be financed through tax increment are estimated as follows: Anoka Electric Cooperative Utility Extensions Water Tower Number 2 Well Number 3 $ 1,740,370 $ 1,450,000 $ 400,000 Total Costs $3,590~370 The City may allocate up to 10 percent of total tax increment expenditure to administrative expenses. Further, proceeds of any bonds issued to finance the above costs may include an amount allocated to capitalized interest which will be determined at the time of bond issuance. The above identified costs, and all costs previously budgeted in the TIF Plan for TIF District No. 2, may be financed with tax increment from TIF District Nos. I, 2 and 4. Further, tax increment from T17F District No. 2 may be expended to pay any costs authorized in the TIF Plans for TIF District Nos. 1, 2 and 4. R. Estimate of Bonded Indebtedness. In addition to any bonds previously issued or authorized in connection with TIF District No. 2, the City may issue bonds supported in part by tax increment from TIF District No. 2, in an amount not to exceed $3,192,410.00. The amount that may be issued in bonds includes all of the costs associated with the issuance. The City intends to internally finance the approximately $ i52,040.00 budgeted for site improvements to be repaid from tax increment. S. Original Assessed Value. Pursuant to §469. I74, Subd. 7 of the TIF Act, the original tax capacity for the expanded TIF District No. 1 is $76,764. Each year, the Anoka County Auditor will measure the increase or decrease in the total tax capacity of property in the TIF District. Any year in which the assessed value of TIF District No. 1 exceeds $76,746, an increment will be payable to the City, Any year in which the total tax capacity is below $76,746, no tax capacity will be captured and no increment will be payable to the City. 12