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Less: <br /> <br />Investment Earnings <br /> <br />NET--S <br /> <br /> 4.600 <br />650,000 <br /> <br /> *Land and Water Conservation Funds, a federal grant applied to River's <br />Bend Park Improvements. <br /> <br />In addition to the above costs, the City expects to provide commercial site <br />improvements in TIF District No. 2, combined with site improvements in TIF District <br />No. I and TIF District No. 4. These combined costs will be funded with a single bond <br />issue, detailed as follows: <br /> <br />TIF District No. 2 <br /> <br />Commercial site improvements <br />Costs of Issuance <br />Capitalized Interest <br />Bond Discount <br /> <br />210,000 <br /> 10,000 <br /> 10,000 <br /> 3.500 <br /> <br />TOTAL FINANCING COSTS <br /> <br />233,500 <br /> <br />Less: <br /> <br />Investment Earnings <br /> <br />3,500 <br /> <br />NETCOSTS 230,000 <br /> <br />R. Estimate of Bonded Indebtedness. <br /> <br /> It is anticipated that TIF bonds will be sold in an amount not to exceed <br />$880,000. Principal and interest on these bonds will be met through pledged tax <br />increment generated within TIF District No. 5, TIF District No. 1, and TIF District No. <br />4. <br /> <br />S. Original Tax Capacity. <br /> <br /> Pursuant to Section 469.177, subd. 1 of the TIF Act, the original tax capacity <br />of TIF District No. 5 is expected to be $12,489.75. Each year after certification of <br />the original tax capacity, the Anoka County auditor will adjust the original tax capacity <br />of the property in TIF District No. 5 by adding to it the following amount: the original <br />tax capacity for the proceeding year multiplied by percent, which is the average <br />percentage increase in the gross tax capacity of all property in TIF District No. 5 <br />during the five years prior to certification of the TIF District. <br /> <br /> Each year the County auditor will measure the increase or decrease in the tax <br />capacity of TIF District No. 5. Any year in which the total tax capacity of the TIF <br />District exceeds the original tax capacity, as adjusted, an increment will be payable to <br /> <br /> <br />