6.1 - Laserfiche WebLink

Home Browse Search

F. PROPERTY TO BE ACQUIRED The Authority has acquired all parcels within District No. 16. G. ESTIMATE OF COSTS The estimate of public costs associated with District No. 16 are outlined in the following line item budget: Estimate of Public Costs Qualified Costs Land Acquisition, Demolition, and Other Development Costs $400,000 Total Estimated Public Costs: $400,000 Capitalized interest and other interest payments on tax increment bonds and obligations are also considered to be public costs in addition to the above referenced estimate of public costs. Interest payments and capitalized interest will be determined at the time of issuance of the bonds and obligations and are dependent on interest rates in effect at such time. In addition to above mentioned costs, administration costs to cover city staff and overhead and various consulting fees in an amount not to exceed 10% of total tax increment will be funded with tax increments from District No. 16. 111/ Any funds to be expended outside the boundaries of District No. 16, but within the boundaries of Development District No. 1, will be less than 25 percent of total tax increment generated by District No. 16, including administrative costs. Subject to that limitation, and the limitations as described in Section R., the tax increment from District No. 16 may be used to pay for public costs outlined in the Development Program for Development District No. 1 (whether or not such expenditures exceed the total budget for this plan identified above). H. ESTIMATED AMOUNT OF LOAN/BONDED INDEBTEDNESS The City or Authority have the ability to issue a revenue bond, general obligation bond, or other type of obligation in one or more series to finance any or all of the total estimated Public Costs authorized to be paid under Section G of this Plan. I. SOURCES OF REVENUE The partial source of revenue to be used to finance public costs associated with the public development projects and objectives as stated in Development District No. 1 is tax increment generated as a result of the taxation of the land and improvements in District No. 16. Tax increment financing refers to a funding technique that utilizes increases in valuation and the property taxes attributable to new development to finance, or assist in the financing of, public development costs. Additional sources of revenue may include but are not limited to investment income and land sales proceeds. This does not preclude the City, the Authority, or the developer IPfrom using other funds, at its discretion, to pay such costs.