Agenda - Council - 08/27/1985 - Laserfiche WebLink

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Subsection 2.6. Other Specific Development Expected to ' Occur within Development District No. (As specific development is expected to occur, it will be inserted in this Subsection.) Subsection 2.7. Estimated Cost of Project. See Subsec- tion 1.5 of the Development Program or estimated costs associated with Development District No. 1. Subsection 2.8. Estimated Amount of Bonded Indebted- ' ness It is anticipated that $1,610,000 of on in ebt- edness will be incurred with respect to this portion of De- velopment District No. 1. ' Subsection 2.9. Sources of Revenue. Public improvement costs, acquisition, and site preparation costs and other ' costs outlined in the Estimated Cost of Project (Subsection 2.7 above) will be financed through the annual collection of tax increments as described below and land sales. ' Subsection 2.10. Estimated Captured Assessed Value and Estimate of Tax Increment. The most recent assessed value (the original assessed value) of Tax Increment Financing ' District No. 1 is estimated to be $29,858. The estimated captured assessed value of Tax Increment ties or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for ' use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the ' estimated cost of preparing that land for develop- ment, excluding costs directly related to roads as defined in section 160.01 and local improvements as ' described in section 429.021, subdivision 1, clauses 1 to 7, 11 and 12, and section 430.001, if any, exceeds its anticipated fair market value after completion of said preparation; provided that ' no parcel shall be included within a redevelopment 1 2 -7 Financing District No. 1 at completion is estimated to be ' $1,728,954. ' Subsection 2.11. trict Tax Increment Type of Tax Increment Financing District No. Financing Dis- 1 is, pursuant to Minnesota Statutes Section 273.73, Subd. 10(3), a cede- velopment district as defined below: ' " ..Less than 70 percent of the parcels in the district are occupied by buildings, streets, utili- ties or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for ' use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the ' estimated cost of preparing that land for develop- ment, excluding costs directly related to roads as defined in section 160.01 and local improvements as ' described in section 429.021, subdivision 1, clauses 1 to 7, 11 and 12, and section 430.001, if any, exceeds its anticipated fair market value after completion of said preparation; provided that ' no parcel shall be included within a redevelopment 1 2 -7