Agenda - Council - 06/30/1986 - Laserfiche WebLink

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O. Parcels to be Acquired Within the TIF District. It is not anticipated that the City will acquire any proper- ty within TIF District No. 2 at the present time. P. TIF Account. The tax increment received with respect to the TIF Districts within Development District No. 1 shall be segregated by the City in a special account on its official books and records and held by a trustee for the benefit of holders of bonds issued to finance development activities. Q. Estimate of Project Costs. Estimated Project Costs: Public Improvements Public Utilities Water Storage Facility Site Improvements Other Improvements Total Administrative Costs Capitalized Interest Bond Discount Total Project Costs $1,169,250 675,000 167,400 290,350 $2,302,000 25,000 175,000 38,000 $2,540,000 R. Estimate of Bonded Indebtedness. It is anticipated that TIF Bonds will be sold in an amount not to exceed $2,540,000. Principal and interest payments on the Bonds will be met through pledged increments and assessments for public improvements. An estimated $788,000 in assessments will be levied against the properties within TIF District No. 2. Additional funds needed to pay principal and interest on the Bonds will be met through pledged increments from TIF District Nos. 1 and 2. S. Original Assessed Value. Pursuant to Section 273.76, Subd. 1 of the TIF Act, the original assessed value for TIF District No. 2 is expected to be $1,396,713. Each year the Anoka county auditor will measure the increase or decrease in the total assessed value of property in the TIF District. Any year in which the assessed value of TIF District No. 2 exceeds $1,396,713 an increment will be payable to the City. Any year in which the total assessed valuation is 10