Agenda - Planning Commission - 11/07/2013

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(AS MODIFIED NOVEMBER 12, 2013) The total estimated tax increment revenues for the District are expected to be approximately $25,200,000, as shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $23,200,000 Interest $1,000,000 Land Sale Proceeds/Lease Revenue $1,000,000 Total $25,200,000 In addition to previously budgeted costs, the City expects to provide assistance including but not limited to the acquisition of a right-of-way easements and construction of a rail stop, acquisition of land for a municipal parking ramp, acquisition, relocation, rehabilitation, demolition, construction, utilities, roadways, streets, sidewalks, public improvement costs, site improvement/preparation costs, and other qualifying improvements in order to continue development and redevelopment of blighted, foreclosed and underdeveloped property in the City and Development District No. 1. The revised cumulative uses of tax increment funds is summarized in the following table: USES OF FUNDS TOTAL Land/Building Acquisition $9,520,000 Site Improvements $2,000,000 Utilities $3,000,000 Other Qualifying Improvements $8,000,000 Administration $980,000 PROJECT COST TOTAL $23,500,000 Interest $1,700,000 PROJECT AND INTEREST COSTS TOTAL $25,200,000 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 tax increments from the District for activities (described in the table above) located outside the boundaries of the District but within the boundaries of Development District No. 1, subject to all other terms and conditions of this TIF Plan. City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-9