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The City Council, staff, and its consultants are authorized to negotiate the terms of any development <br /> agreement,if necessary,with developers in connection with the establishment of the TIF District. <br /> Financial Impact <br /> The total amount of gross tax increment that will be generated over the life of the district (up to 15 full <br /> years) is estimated to be $824,100. The city will retain 10% of the annual increment with 90% pledged to <br /> the developer. Estimated principal amount paid to the developer is $480,523 with estimated interest <br /> payments up to $261,167 over 15 years. <br /> The city will provide financial assistance to the proposed development through the use of a Pay-As-You- <br /> Go note,which limits the financial risk to the city. As tax increments are collected from the TIF District <br /> in future years, a portion (90% annual increment received) of these taxes will be distributed to the <br /> developer/owner as reimbursement for public costs incurred. <br /> Attachments <br /> ■ TIF Plan for TIF District#25 <br /> ■ Sherburne County letter (April 3, 2018) <br /> ■ Resolution <br /> N:APublic Bodies\Agenda Packets\04-16-2018\Done\x7.6 sr Jackson Hills CC Staff Report Public Hearing 04.16.18.docx <br />