13 PCSR 07-27-1993 - Laserfiche WebLink

Home Browse Search

• Sources of Funds : Tax Increment $177, 000 Amount of Bonded Indebtedness to be Incurred: -0- As noted in the TIF Plans, the City has elected to retain the full captured assessed value of the TIF District No. 1 and No. 3 and to use all of the tax increment generated by the TIF Districts for the purposes identified in the TIF Plans . As indicated on the attached Exhibit A, the TIF Districts will generate more than enough revenue to fund the proposed public development activity costs . Therefore, it will not be necessary to extend the duration of the TIF District No. 1 and No. 3 beyond the period described in the TIF Plans or to increase the amount of tax increment to be received, in order to fund the proposed activities . The City of Elk River proposes to sell bonds to finance the remaining costs of the Public Library expansion. This bond issue is separate from, and not related to, Districts No. 1 and No. 3 . 5 . ) Cash Flow Analysis - Attached as Exhibit A to this • Modification is a revised cash flow analysis for the TIF Districts which sets forth the impact of the proposed public development expenditures . As shown on the cash flow analysis, the cost of this activity will be paid from tax increment generated by the TIF Districts in excess of that necessary to pay existing debt service. 6 . ) Estimated Impact on the TIF Districts on Other Ta:-,ing Jurisdictions - Because the proposed public development activities will be paid for with tax increment currently retained by the City under the TIF Plans, the estimated impact on other taxing jurisdictions as described in the TIF Plans will remain unaffected. 7 . ) Administrative Procedures and Requirements - This Modification is being made pursuant to the Modification procedure explained in the TIF Plans and Minnesota Statutes, Section 469 . 175, subd. 4, solely for the purpose of providing for the partial financing of the Elk River Public Library expansion project. TIF funds would be used to underwrite the expansion costs of this public development activity.