14 PCSR 07-27-1993 - Laserfiche WebLink

Home Browse Search

. 323 Main Street - Legal Description: Lots 1 and 2, Block 21, Village of Elk River, Sherburne County, Minnesota PID #75-405-2110 The location of these properties are shown on the map attached as Exhibit B to this modification. 4 . ) Financial Analysis of the TIF Districts - Cost of the Public Development Activities to be Financed: Main Street-Freeport Avenue Redevelopment $60, 000 Total $60, 000 Administrative _0_ Interest -0- Contingency _0_ Total Costs $60, 000 Sources of Funds : • Tax Increment $60, 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 Districts 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 redevelopment costs . Therefore, it will not be necessary to extend the duration of the TIF Districts 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 redevelopment activities . 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 redevelopment expenditures . As shown on the cash flow analysis, the cost of these activities will be paid from tax increment generated by the TIF Districts No. 1 and No. 3 in excess of that necessary to pay existing debt service. 6 . ) Estimated Impact on the TIF Districts on Other Taxing • Jurisdictions - Because the proposed public redevelopment activities will be paid for with tax increment currently retained by the City under the TIF Plans, the estimated impact on other