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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. 12 include: <br /> • Option Agreement for Lots 6 and 7 <br /> • Contract for Construction of a 16,000 Square Foot <br /> Facility (by Neos, Inc.) <br /> • Soil Borings and Analysis <br /> • Site Preparation and Development <br /> E. FINANCIAL ANALYSIS OF TAX INCREMENT FINANCING <br /> DISTRICT NO. 12 <br /> 1. Tax Increment Financing District No. 12 Cost Estimates <br /> Budget Amount <br /> Land Write Down $60,000 <br /> Site Survey <br /> Site Preparation $20,000 <br /> Soil Borings and Analysis <br /> Administration <br /> Legal $ 2,500 DRAFT <br /> Cost of Issuance Fees <br /> Bond Discount <br /> Capitalized Interest <br /> Miscellaneous $ 2.500 <br /> Total $85,000 <br /> 2. Bonded Indebtedness <br /> The City of Elk River anticipates a pay-as-you-Tax Increment <br /> Financing District No. 12 and no bonds will be issued. <br /> 3. Sources of Revenue to Pay Public Costs <br /> Tax Increments collected from the Neos, Inc., expansion will be <br /> used to pay the public costs associated with Tax Increment <br /> Financing District No. 12. <br /> 4. Original Tax Capacity <br /> The original net tax capacity, based on the 1994 valuation, for <br /> the real property in Tax Increment District No. 12 is estimated <br /> • to be $2,300. The County Auditor Certification attributable to <br /> this value is attached as Exhibit C. <br />