Laserfiche WebLink
G. ESTIMATE OF PUBLIC COSTS - USE OF FUNDS <br /> • The estimated use of funds associated with District No. 20 are outlined in the following line item <br /> budget: <br /> USE OF FUNDS TOTAL <br /> Qualified Costs: <br /> Land Acquisition $ 85,000 <br /> Site Improvements $ 25,000 <br /> Public Improvements $ 0 <br /> Other Development Costs $ 12,000 <br /> Interest $ 0 <br /> Administration (up to 10%) $ 10,000 <br /> TOTAL: $ 132,000 <br /> The City or Authority reserve the right to modify actual line item dollar amounts at any time <br /> throughout the duration of the District, as long as it does not change the Total as indicated above. <br /> • Capitalized interest and other interest payments on tax increment bonds and obligations are also <br /> considered to be public costs in addition to the above referenced estimate of public costs. Interest <br /> payments and capitalized interest will be determined at the time of issuance of the bonds and <br /> obligations and are dependent on interest rates in effect at such time. In addition to above <br /> mentioned costs, administration costs to cover City staff and overhead and various consulting fees <br /> in an amount not to exceed 10% of total tax increment will be funded with tax increments from <br /> District No. 20. <br /> This provision does not obligate the City or Authority to incur debt. The City or Authority will <br /> issue bonds only upon determination that such action is in the best interest of the City. The City or <br /> Authority may also finance the activities to be undertaken pursuant to the Tax Increment Financing <br /> Plan through loans from funds of the City or Authority or to reimburse the developer on a "pay-as- <br /> you-go" basis for eligible activities paid for by the developer. <br /> Any funds to be expended outside the boundaries of District No. 20, but within the boundaries of <br /> Development District No. 1, will be less than 20 percent of total tax increment generated by <br /> District No. 20, including administrative costs. Subject to that limitation, and the limitations as <br /> described in Section R., the tax increment from District No. 20 may be used to pay for public costs <br /> outlined in the Development Program for Development District No. 1 (subject to the limitations as <br /> described in this Plan). <br /> S <br /> Tax Increment Financing District No.20 Page II-4 <br />