2020 ACFR - Laserfiche WebLink

Home

NOTE 13 — TAX ABATEMENT AGREEMENTS (CONTINUED) • The tax increment financing plan confoinis to the general plan for the development or redevelopment of the municipality as a whole; • The tax increment financing plan will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or redevelopment of the project by private enterprise. For the fiscal year ended December 31, 2020, the City abated property taxes totaling $431,689 related to the following: • Housing Development: $20,700 abated towards a $711,000 Tax Increment Revenue Note issued in 2004 for the construction of a 31 unit townhome project. Final note payment date is February 2025 or sooner if the revenue note is retired. • Redevelopment: $15,900 abated for a $238,491 Tax Increment Revenue Note issued in 2007 for the construction of an office and warehouse building. Final note payment date is December 2028. • Redevelopment: $187,556 abated towards a $3,000,000 Tax Increment Revenue Note issued in 2015 for the construction of a 230-unit apartment building. Final note payment date is February 2038. • Redevelopment: $58,393 abated for a $224,000 Tax Increment Revenue Note issued in 2017 for a 48,325 square foot expansion of an office and warehouse building. Final note payment is February 2033. • Housing: $120,730 abated towards a $500,000 Tax Increment Revenue Note issued in 2017 for the construction of a 121-unit apartment building. Final note payment date is February 2022. • Redevelopment: $17,610 abated for a $218,000 Tax Increment Revenue Note issued in 2019 for a 56,000 square industrial building in Bunker Lake Business Park. Final note payment is February 2028. • Housing: $10,800 abated for a $681,395 Tax Increment Revenue Note issued in 2020 for a 174-unit senior living facility. Final note payment is February 2040. The outstanding principal balance as of December 31, 2020 for all of these agreements was $3,681,042. This amount is not included in long-teini debt because of the nature of these notes in that repayment is required only if sufficient tax increments are received. The City's position is that these are obligations to assign future and uncertain revenue sources and these obligations are not actual debt in substance. 93