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The developer indicated that Phase II of the project will occur within the 18 months. Points were <br /> awarded in the worksheet for the high likelihood of unsubsidized spin-off development. <br /> Financial Impact <br /> The TIF District would generate approximately$1,351,985 in increment over 26 years. The city would <br /> retain 10% or$135,199 for Administrative purposes. The net amount available for the Developer is <br /> approximately$1,216,779 or 90% of the total gross tax increment dollars available. In accordance with <br /> the policy the developer could receive approximately$434,483 inclusive of principle and interest over <br /> 10.5 years. The city could receive approximately$782,296 in surplus revenues to reallocate to future <br /> affordable housing projects in the city. <br /> Attachments <br /> ■ Housing TIF Application and Supporting Materials <br /> ■ Springsted's analysis and supporting documents dated March 24, 2017 <br /> ■ Housing TIF Worksheet—Completed by city staff <br /> N:\Departments\Community Development\Economic Development\EDA\Administrative\Agenda\EDA Finance Committee Agenda <br /> Packets\2017\March 28 2017\4.1 sr Jackson Hills Residential Suites HousingIll'Application Review.docx <br />