Agenda - Council - 05/27/2014 - Laserfiche WebLink

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The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in Section L. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant to 2010 LAWS of Minnesota, Chapter 389, Article 7, Section 22(e) the in - district percentage for purposes of the restriction on pooling under Minnesota Statutes, Section 469.1763, Subdivision 2, for this district is 100 percent. Section L Estimated Sources of Revenue Tax Increment Revenue $185,708,929 Interest on Invested Funds Bond Proceeds Loan Proceeds Grants Other 0 Total $185,708,929 The City anticipates using future tax increments for reimbursement of public costs incurred from Section K. As increments are collected from the TIF District in future years, a portion of these taxes will be reserved by the City as reimbursement for public costs incurred (primarily land acquisition), either through internal funding or general obligation or revenue debt. The City also anticipates providing financial assistance to the proposed developments through the use of a pay-as-you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will be distributed to the developer/owner as reimbursement for public costs incurred that relate to redevelopment of the project site. The City reserves the right to finance any or all public costs of the TIF District using pay-as-you-go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The City also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. (AS MODIFIED JANUARY 25, 2011) City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 8