Agenda - Economic Development Authority - 08/12/2021

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USES OF FUNDS Currently under consideration for the District is a proposal to facilitate the construction of 405,300 sq. ft. of manufacturing, warehouse, and distribution facilities. The City has determined that it will be necessary to provide assistance to the project(s) for certain District costs, as described. The City has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES Land/Building Acquisition Site Improvements/Preparation Utilities Other Qualifying Improvements Administrative Costs (up to 10%) 281,025 PROJECT COSTS TOTAL $ 2,564,320 Interest 526,957 PROJECT AND INTEREST COSTS TOTAL $ 3,091,277 $ 1,500,000 500,000 283,295 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 the Sources of Revenue section. Estimated capital and administrative costs listed above are subject to change among categories by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so long as the total capital and administrative costs combined do not exceed the total listed above. Further, the City may spend up to 20 percent of the tax increments from the District for activities (described in the table above) located outside the boundaries of the District but within the boundaries of the Project (including administrative costs, which are considered to be spend outside the District), subject to all other terms and conditions of this TIF Plan. City of Ramsey Tax Increment Financing District No. 18 (Oppidan Industrial) 8