|
City of Ramsey, Minnesota
<br />1 Other Expenditures
<br />1 Capitalized Interest payments
<br />1 Total
<br />0
<br />$185,708,929 1
<br />1
<br />01
<br />$185,708,929 1
<br />The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate
<br />additional eligible items, so long as the total estimated public cost is not increased.
<br />Section L Estimated Sources of Revenue
<br />Tax Increment revenue
<br />Interest on invested funds
<br />Bond proceeds
<br />Loan proceeds
<br />Grants
<br />Other
<br />Total
<br />Original Budget —
<br />Adopted December 14,
<br />2010
<br />$185,708,929
<br />0
<br />$185,708,929
<br />Administrative
<br />Amendment — January
<br />25, 2011
<br />$184,022,262
<br />1,686,667
<br />0
<br />0
<br />01
<br />0
<br />$185,708,929(
<br />The City anticipates using future tax increments for reimbursement of public costs incurred from Section K. As
<br />increments are collected from the TIF District in future years, a portion of these taxes will be reserved by the City as
<br />reimbursement for public costs incurred (primarily land acquisition), either through internal funding or general
<br />obligation or revenue debt. The City also anticipates providing financial assistance to the proposed developments
<br />through the use of a pay-as-you-go technique. As tax increments are collected from the TIF District in future years,
<br />a portion of these taxes will be distributed to the developer/owner as reimbursement for public costs incurred that
<br />relate to redevelopment of the project site.
<br />The City reserves the right to finance any or all public costs of the TIF District using pay-as-you-go assistance,
<br />internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The City
<br />also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs
<br />including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income.
<br />Section M Estimated Amount of Bonded Indebtedness
<br />The City does not anticipate issuing tax increment bonds to finance the estimated public costs of the TIF District, but
<br />reserves the right to issue such bonds in an amount not to exceed $80,372,946 ($61,825,343 + 30% contingency).
<br />Section N Original Net Tax Capacity
<br />The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total
<br />net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts
<br />certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For
<br />districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year.
<br />The Estimated Market Value of all property within the TIF District as of January 2, 2010, for taxes payable in 2011, is
<br />$85,278,600. Upon establishment of the TIF District, and subsequent reclassification of property, it is estimated that
<br />the original net tax capacity of the TIF District will be approximately $1,391,239. At the time this document was
<br />created a significant portion of the land within the TIF District was owned by the HRA and tax-exempt and is not
<br />included in the amounts above. Pursuant to Minnesota Statutes, Section 469.177, Subdivision 1(c) if improvements
<br />are made to tax exempt property after certification of the District and before the parcel becomes taxable, the
<br />SPRINGSTED Page 5
<br />
|