5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:34/ST. 9:28/NO. 4261218754 P 14 (i) Extension of trunk water and sewer facilities to serve the Project; (ii) Construction of a new road(Tyler Street) and substantial improvements to existing roads to provide adequate access to the Development; (iii) Installation of substantial storm water management facilities to serve the Development; and (iv) Other related Public Improvement Costs including sidewalks, landscaping, etc. (d) The Shopping Center Project is located in the Authority's TIF District No. 19, as amended, a redevelopment TIF District approved by the Authority on July 13, 1998. (e) Because development of the Shopping Center Project is not feasible without some financial assistance with the costs of land acquisition and public improvements, Authority has determined to use Tax Increment from TIF District No. 19 to assist in the redevelopment of land within TIF District No. 19 into the Shopping Center Project, by funding a portion of: (i) Redeveloper's cost to acquire land within TIF District No. 19 for the Shopping Center Project; and (ii) City's qualifying Public Improvement Costs necessary for redevelopment • of the land within TIF District No. 19 into the Shopping Center Project. (t) The total amount of Tax Increment to be used for land acquisition and Public Improvement Costs to assist the Shopping Center Project shall be as follows: (i) $2,811,000 to reimburse Associated Investors for a portion of the cost of land acquisition for the Shopping Center Project(Reimbursable Redevelopment Costs); (ii) Approximately $1,955,000 to reimburse City for public improvement and land acquisition costs incurred within TIP District No. 19 (Public Improvement Costs); (iii) Approximately $4,000,000 in interest costs on the debt necessary to fund land acquisition and Public Improvement Costs;and (iv) Approximately $1,000,000 (and no more than ten percent (10%) of the total tax increment generated by TIF District No. 19) for public costs incurred by City and/or Authority outside the TIF District, including costs for the acquisition of additional land in the East Elk River area for business/industrial park development and storm sewer improvements. (g) Authority has determined that one of the primary benefits of the Shopping Center Project, and one of the reasons for providing tax increment assistance so that the Shopping • Center Project can proceed, is that the Shopping Center Project will generate additional development in the East Elk River area, including light industrial development. To insure that -10-