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USES OF FUNDS TOTAL <br />Land/Building Acquisition $6,654,435 <br />Site Improvements $0 <br />Utilities $4,537,017 <br />Other Qualifying Improvements $2,698,548 <br />Administration $900,000 <br />PROJECT COST TOTAL $14,790,000 <br />Interest S3,250,000 <br />PROJECT AND INTEREST COSTS TOTAL $18,040,000 <br />Estimated capital and administrative costs listed above are subject to change among <br />categories by modification of the TIF Plan without hearings and notices as required for approval of <br />the initial TIF Plan, so long as the total capital and administrative costs combined do not exceed the <br />total listed above. Further, the City may spend tax increments from the District for activities <br />(described in the table above) located outside the boundaries of the District but within the <br />boundaries of Development District No. 1, subject to all other terms and conditions of this TIF Plan. <br />R. Estimate of Bonded Indebtedness <br />(AS MODIFIED DECEMBER 13, 2011) <br />The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax <br />increments from the District in a maximum principal amount of $14,790,000. Such bonds may be in <br />the form of pay -as -you go notes, revenue bonds or notes, general obligation bonds, or interfund <br />loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this <br />TIF Plan as of the date of this Modification. <br />S. Original Assessed Value <br />Pursuant to Minnesota Statutes, Section 469.174, Subd. 7 of the TIF Act, the original tax capacity <br />for the expanded TIF District No.1 is $76,764. Each year, the Anoka County Auditor will measure the <br />increase or decrease in the total tax capacity of property in the TIF District. Any year in which the <br />assessed value of TIF District No.1 exceeds $76,746, an increment will be payable to the City. Any year in <br />which the total tax capacity is below $76,746, no tax capacity will be captured and no increment will be <br />payable to the City. <br />Each year after the certification of the original tax capacity, the county auditor will increase or <br />decrease the original assessed value of property within TIF District No.1 as a result of: <br />1. Change in the tax exempt status of the property; <br />City of Ramsey TIF District No. 1 Modification 2-7 <br />