3.2. SR 07-13-1998 - Laserfiche WebLink

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City of Elk River, Minnesota Section K Estimated Public Costs The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax increments of the TIF District. Land Acquisition, Demolition, $12,595,000 Site Improvements, Public Improvements, etc. Subtotal $12,595,000 Interest on Pay-As-You-Go 20,185,000 Obligations or Bonds Administration 1,640,000 Total $34,420,000 The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public cost is not increased. Section L Estimated Sources of Revenue The City currently anticipates providing financial assistance to the proposed developments through the use of a pay-as-you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will be distributed to the developer/owner as reimbursement for public costs incurred (see Section K). The City reserves the right to finance any or all public costs of the TIF District using pay-as-you- go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The City also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. Section M Estimated Amount of Bonded Indebtedness The City does not anticipate issuing tax increment bonds to finance the estimated public costs of the TIF District, but reserves the riqht to issue such bonds in an amount not to exceed $12,595,000. Section N Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The Estimated Market Value of all property within the TIF District as of January 2, 1998, for taxes payable in 1999, is $2,229,200. Upon establishment of the TIF District, and subsequent reclassification of property, it is estimated that the original net tax capacity of the TIF District will be approximately $76,447. SPRINGSTED Page 6