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• 2. Contracts <br /> No contracts have been entered into at the time of the <br /> preparation of this Tax Increment Financing Plan. <br /> Proposed contracts for services associated with Tax Increment <br /> Financing District No. 15 include: <br /> • Contract for Construction of a 10,000 Square Foot <br /> Facility (by McChesney Cabinets) <br /> • Soil Borings and Analysis <br /> • Site Preparation and Development <br /> E. FINANCIAL ANALYSIS OF TAX INCREMENT FINANCING <br /> DISTRICT NO. 15 <br /> 1. Tax Increment Financing District No. 15 Cost Estimates <br /> Budget Amount <br /> Land Write Down $35,000 <br /> Administration & Legal $ 1,000 <br /> Miscellaneous $ 1.000 <br /> Total $37,000 <br /> • 2. Bonded Indebtedness <br /> The City of Elk River anticipates a pay-as-you-go Tax Increment <br /> Financing District No. 15 and no bonds will be issued. <br /> 3. Sources of Revenue to Pay Public Costs <br /> Tax Increments collected from the McChesney Cabinets <br /> expansion will be used to pay the public costs associated <br /> with Tax Increment Financing District No. 15. <br /> 4. Original Tax Capacity <br /> The original net tax capacity, based on the 1995 valuation, for <br /> the real property in Tax Increment District No. 15 is estimated <br /> to be $1,150. The County Auditor Certification attributable to <br /> this value is attached as Exhibit C. <br /> 5. Estimated Captured Tax Capacity <br /> The finished market value upon completion of the <br /> improvements in Tax Increment Financing District No. 15 is <br /> estimated at $300,000. This value translates into a completed <br /> • <br />