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

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Tax Increment Revenue Original Budget- Administrative Adopted Amendment - December 14, January 25,2011 2010 $185,708,929 $184,022,262 Interest on Invested Funds 1,686,667 Bond Proceeds 0 Loan Proceeds 0 Grants 0 Other 0 0 Total $185,708,929 $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 fmancing 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 MAY 27, 2014) The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The City reserves the right to incur bonds or other indebtedness as a result of the TIF Plan. As presently proposed, the projects within the District will be financed by bonds, an interfund loan and pay-as-you-go notes. Any refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The total estimated tax increment revenues for the District are shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $184,022,262 Interest $1,686,667 TOTAL $185,708,929 City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 9