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

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ARTICLE III THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 11 Section 3.01 Statement of Obiectives. See the Development Program for statement of objectives for the Development District. Section 3.02 Statement of Development Program. The Statement of the Development Program for the Development District is set forth in Article II hereof. Section 3.03 Parcel(s) to be Included in Tax Increment Financing District No. 11. Tax Increment Financing District No. 11 is described on the attached Exhibit B and includes the parcel identification number(s) or legal description and adjacent roads set forth on the attached Exhibit B. Section 3.04 Property to be Acquired. The City reserves the right to acqUIre any property within Tax Increment District No. 11. Section 3.05 Development Activity in the Development District for which Contracts Have Been Signed. The City intends to enter into a development agreement with respect to the construction of a 151 unit senior housing facility (103 independent living units, 30 assisted living units and 18 memory care assisted living units) in the City (the "Crestview Project"). Section 3.06 Other Specific Development Expected to Occur Within The Development District. It is anticipated that development will occur within the Development District. Additional development may occur in the Development District in the future; however, no contracts have been entered into at this time with respect to such development. The nature and timing of further development cannot accurately be predicted at this time. Section 3.07 Estimated Public Costs. Public Improvements to be constructed in the Tax Increment Financing District and Development District are including, but not limited to the construction of street, sewer and water improvements to Rhinestone Street and Civic Center Drive as they are directly related to the Crestview Project. The estimated total Public Costs to be paid from Tax Increments is described in Exhibit C. Section 3.08 Estimated Amount of Bonded Indebtedness. It is anticipated that Tax Increment Bonds will not be issued to fmance the estimated Public Costs of the Development Program. The City intends to use tax increment financing on a pay as you go basis for an amount of Public Costs estimated not to exceed $4,300,000. The City, however, reserves the right to issue bonds to finance said Public Costs. The balance of such Public Costs will be paid from sources described in Section 3.09 hereof. Section 3.09 Sources of Revenue. The revenues to pay the Public Costs of the Development District are the proceeds of the Tax Increments, Tax Increment Bonds and any other available sources of revenue which the City may apply to pay Public Costs. 1954494v3 -166- 5