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

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ARTICLE III i THE TAX INCREMENT FIN4-NCING PLAN FOR TAX INCREMENT FINANCllfG DISTRICT NO. 12 I Section 3.01 Statement of Obiectives. See Ithe Development Program for statement of objectives for the Development District. I i Section 3.02 Statement of Development Pr6gram. The Statement of the Development Program for the Development District is set forth in Article II hereof. I I i Section 3.03 Parcel(s) to be Included in Tai Increment Financing District No. 12. Tax Increment Financing District No. 12 is described 9n the attached Exhibit B and includes the parcel identification number(s) or legal description ~d adjacent roads set forth on the attached Exhibit B. . I Section 3.04 Property to be Acquired. Tp.e City reserves the right to acquire any property within Tax Increment District No. 12. i i Section 3.05 Development Activity in the IDevelopment District for which Contracts Have Been Signed. The City intends to enter into ~ development agreement with respect to the construction of a 20-unit multifamily rental housingi facility in the City designed for persons or I families of low and moderate income. I I Section 3.06 Other Specific Development Expected to Occur Within The Development District. It is anticipated that development wilt occur within the Development District. Additional development may occur in the Develo~ment District in the future; however, no contracts have been entered into at this time with r~spect to such development. The nature and timing of further development cannot accurately be Bredicted at this time. I Section 3.07 Estimated Public Costs. The ~stimated total Public Costs to be paid from Tax Increments is described in Exhibit C. i I Section 3.08 Estimated Amount of Bonddd Indebtedness. It is anticipated that Tax Increment Bonds will not be issued to fmance the lestimated Public Costs of the Development Program. The City intends to use tax increment ~nancing on a pay as you go basis for an amount of Public Costs estimated not to exceed $1,465,000. The City, however, reserves the I right to issue bonds to fmance said Public Costs. Tpe balance of such Public Costs will be paid from sources described in Section 3.09 hereof. : I Section 3.09 Sources of Revenue. The irevenues to pay the Public Costs of the Development District are the proceeds of the Tax I Increments, Tax Increment Bonds and any other available sources of revenue which the City m~y apply to pay Public Costs. i I Section 3.10 Estimated Recent Net Tax Cdpacity. The estimated net tax capacity of all taxable property in Tax Increment Financing District No. 12 as most recently certified by the Commissioner of Revenue of the State of Minnesota, being the certification made in 2006 with 1970490v2 -196- 5