Agenda - Council - 07/23/1985 - Laserfiche WebLink

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Subsection 2.6. ether Specific Development. Expected to Occur within Development District No. I. [As specific development is expected to occur, it will be inserted in this Subsection.] Subsection 2.7. Estimated Cost of Project. See Subsec- tion 1.5 of the DeVelopment Program for estimated costs associated with Development District No. 1. Subsection 2.8. Estimated Amount of Bonded Indebted- ness. It i anticipated that 51,610,000 of bond indebt- e-~ss will ~e incurred with respect to this portion of De- velopment District No. 1. Subsectio~ 2.9. Sources of Revenue~ Public improvement costs, acquisztion, and site preparatzon costs and other costs outlined in the Estimated Cost of Project (Subsection 2.7 above) will through collection of be financed the annual tax increments as described below and land sales. Subsection 2.10. Estimated Captured Assessed Value and Estimate of Tax Increment. The most recent'assessed v~lue (the original assessed value) of Tax Increment Financing District ~o. i is estimated to be $29,858. The estimated captured assessed value of Tax Increment Financing4District No. 1 at completion is estimated to be $1,728,95 - Subsection 2.11. Type of Tax Increment Financin~ Dis- trict. Tax Increment Financing District No. 1 is, pursuant to Minnesota Statutes Section 273.73, Subd. 10(3), a rede- velopment distr~ct as defined below: '...~ess than 70 percent of the parcels in the district are occupied by buildings, streets, utili- ties o~ other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total of acreage such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for develop- ment, excluding costs directly related to roads as defined in section 160.01 and local improvements as described in section 429.021, subdivision 1, clauses 1 to 7, 11 and 12, and section 430.001, if any, exceeds its anticipated fair market value after completion of said preparation~ provided that no parcel shall be included within a ~edevelopment 2-7