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Economic Development Agenda Memo <br /> December 14, 1998 <br /> Page 3 <br /> Background <br /> TIF District No. 18 was established to aid in the development of the <br /> Morrell Companies project. The project is currently moving forward, <br /> thereby making it appropriate to adopt a more specific budget for this <br /> District. <br /> The current budget is as follows: <br /> • Land acquisition $0 <br /> • Site improvements 300,000 <br /> • Public improvements (includes local contribution) 355,000 <br /> • Interest 25,000 <br /> • Administration (up to 10 percent) 68,000 <br /> Total $748,000 <br /> The proposed budget modification is as follows: <br /> • Land acquisition $0 <br /> • Site improvements 0 <br /> 0 • Public improvements (includes local contribution) 550,000 <br /> • Interest 130,000 <br /> • Administration 68,000 <br /> Total $748,000 <br /> The purpose for this administrative budget modification is simply to <br /> reallocate costs within the current budget. The cost of public <br /> improvements increased substantially due to a new estimation of the <br /> cost of completing the controlled railroad crossing on 171st Avenue. <br /> The cost of this railroad crossing construction is now estimated at <br /> approximately $450 - $550,000. <br /> Attachments <br /> • Resolution 98- <br /> • TIF No. 18 Budget Modification <br /> Recommendation <br /> Staff recommends approval of Resolution 98-_regarding an <br /> administrative budget modification to the Tax Increment Plan for Tax <br /> Increment District No. 18. <br />