Laserfiche WebLink
SOURCES OF FUNDS <br />Tax Increment <br />Interest <br />Total <br />TOTAL <br />$21,300,000 <br />$800.000 <br />$22,100,000 <br />In addition to previously budgeted costs, the City expects to provide assistance including but not <br />limited to the acquisition of a right-of-way easements and construction of a rail stop, acquisition of land for <br />a municipal parking ramp, acquisition, relocation, rehabilitation, demolition, construction, utilities, roadways, <br />streets, sidewalks, public improvement costs, site improvement/preparation costs, and other qualifying <br />improvements in order to continue development and redevelopment of blighted, foreclosed and <br />underdeveloped property in the City and Development District No. 1. The revised cumulative uses of tax <br />increment funds is summarized in the following table: <br />USES OF FUNDS TOTAL <br />Land/Building Acquisition $9,595,000 <br />Site Improvements $1,500,000 <br />Utilities $3,370,000 <br />Other Qualifying Improvements $5,027,519 <br />Administration $980.000 <br />PROJECT COST TOTAL $20,472,519 <br />Interest $1,627,481 <br />PROJECT AND INTEREST COSTS TOTAL $22,100,000 <br />Estimated capital and administrative costs listed above are subject to change among categories by <br />modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so <br />long as the total capital and administrative costs combined do not exceed the total listed above. Further, the <br />City may spend tax increments from the District for activities (described in the table above) located outside <br />the boundaries of the District but within the boundaries of Development District No. 1, subject to all other <br />terms and conditions of this TIF Plan. <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-8 <br />