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Pursuant to M.S., Section 469.777, Subd. 4, the City shall, after a due and <br />diligent search, accompany its request for certification to the County Auditor <br />or its notice of the District enlargement pursuant to M.S., Section 469.775, <br />Subd. 4, with a listing of all properties within the District or area of <br />enlargement for which building permits have been issued during the eighteen <br />(18) months immediately preceding approval of the TIF Plan by the <br />municipality pursuant to M.S., Section 469.775, Subd. 3. The County Auditor <br />shall increase the original net tax capacity of the District by the net tax <br />capacity of improvements for which a building permit was issued. <br />The City is reviewing the area to be included in the District to determine if any <br />building permits have been issued during the 18 months immediately <br />preceding approval of the TIF Plan by the City. <br />SOURCES OF REVENUE/BONDS TO BE ISSUED <br />The total estimated tax increment revenues for the District are shown in the <br />table below: <br />SOURCES <br />Tax Increment <br />Interest <br />TOTAL <br />$ 2,810,252 <br />281,025 <br />$ 3,091,277 <br />The costs outlined in the Uses of Funds will be financed primarily through the <br />annual collection of tax increments. The City reserves the right to incur bonds <br />or other indebtedness as a result of the TIF Plan. As presently proposed, the <br />projects within the District will be financed by pay-as-you-go notes and <br />interfund loans. Any refunding amounts will be deemed a budgeted cost <br />without a formal TIF Plan Modification. This provision does not obligate the <br />City to incur debt. The City will issue bonds or incur other debt only upon the <br />determination that such action is in the best interest of the City. <br />The City may issue bonds (as defined in the TIF Act) secured in whole or in <br />part with tax increments from the District in a maximum principal amount of <br />$2,564,320. Such bonds may be in the form of pay-as-you-go notes, revenue <br />bonds or notes, general obligation bonds, or interfund loans. This estimate of <br />total bonded indebtedness is a cumulative statement of authority under this <br />TIF Plan as of the date of approval. <br />City of Ramsey <br />Tax Increment Financing District No. 18 (Oppidan Industrial) 7 <br />