Agenda - Council - 07/31/1990 - Special

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Costs to be financed through tax increment are estimated as follows: ParaBody Utilities Site Improvements Staking and Inspection Capitalized Interest TOTAL $ 31,200 33,500 11~000 $ 75,700 9~031 $ 84,731 McKinley Street Extension Street Construction Storm Sewer and Watermains Staking and Inspection Subtotal Costs of Issuance Capitalized Interest Bond Discount Less Interest Earnings $156,400 194,600 52~650 $403,650 15,000 39,804 6,975 (429) TOTAL 465~000 TOTAL COSTS $549,731 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 $550,000. The City intends to issue $465,000 in tax-exempt bonds in connection with the street improvements deseribed in Section Q. The city intends to internally finance the approximately $85,000 budgeted for commercial site improvements, to be repaid from tax increment. Anticipated debt schedules are shown in Exhibits D and E. S. Original Tax CaPacity. The original tax capacity of TIF District No. 2 was described in the TIF Plan adopted June 30, 1986 and modified March 29, 1988 (expressed as "original assessed value" under the property tax system in effect at the time). The original tax capacity of the ParaBody parcel within TIF District No. 2 (PIN 27-32-25-44-0013) is $2,626, reflecting the value as determined by Anoka County Auditor on January 2, 1985. Each year the County auditor will measure the increase or decrease in the tax capacity of the ParaBody parcel. Any year which the total tax capacity of the parcel exceeds the original tax capacity, as adjusted, an increment will be generated from that parcel. Any year in which the tax capacity is below the original tax capacity, no tax capacity will be captured and no increment will be payable to the City from that parcel. 10