Agenda - Council - 01/23/2007 - Laserfiche WebLink

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TABLE OF CONTENTS Page ARTICLE I DEFINITIONS AND EXIDBITS .................................................................... 1 Section 1.01 DefInitions............................... ............................................................. 1 Section 1.02 Exhibits ......... ............................. ................ .......................................... 2 ARTICLE II MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO.1............................................................... 3 Section 2.01 Statement of Need and Public Purpose................................................ 3 Section 2.02 Statutory Authority............................................................. ................. 3 Section 2.03 Description of Development District ................................................... 4 Section 2.04 Increase Estimates of Public Costs and Budget................................... 4 ARTICLE III Section 3.01 Section 3.02 Section 3.03 Section 3.04 Section 3.05 Section 3.06 Section 3.07 Section 3.08 Section 3.09 Section 3.10 Section 3.11 Section 3.12 Section 3.13 Section 3.14 Section 3.15 Section 3.16 Section 3.17 Section 3.18 Section 3.19 Section 3.20 Section 3.21 Section 3.22 Section 3.23 Section 3.24 Section 3.25 1954494v3 -160- THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 11 ........................................... 5 Statement of Objectives........ ................................ ............. .................. 5 Statement of Development Program .................................................... 5 Parcel(s) to be Included in Tax Increment Financing District No. 11.......................................................... ......................................... 5 Property to be Acquired ....................................................................... 5 Development Activity in the Development District for which Contracts Have Been Signed ............................................................... 5 Other Specific Development Expected to Occur Within The Development District........................................................................... 5 Estimated Public Costs............................... ......................................... 5 Estimated Amount of Bonded Indebtedness........................................ 5 Sources of Revenue.............................................................................. 5 Estimated Recent Net Tax Capacity .................................................... 5 Estimated Captured Net Tax Capacity and Computation of Tax Increment ........................... .................................................................. 6 Type of Tax Increment Financing District....~...................................... 6 Duration of Tax Increment Financing District No. 11......................... 7 Estimated Impact of Tax Increment Financing.................................... 7 Cash Flow and Other Financial Analysis............................................. 7 Use of Tax Increment......................... .................................................. 7 Prior Planned Improvements................................................................ 8 Modifications of Tax Increment Financing Districts........................... 8 Limitation on Administrative Expenses............................................... 9 Limitation on Qualification of Property in Tax Increment Financing Districts Not Subject to Improvement ................................ 9 Excess .Tax Increments ........................................................................ 9 Administration of Tax Increment Financing District No. 11............. 10 Annual Disclosure and Financial Reporting Requirements............... 10 Reasonable Expectations ...................................... ............. ........ ........ 13 Other Limitations on the Use of Tax Increment................................ 14 -1-