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City of Elk River, Minnesota <br /> (3) The TIF Plan conforms to the general plan for development or redevelopment of <br /> • the City as a whole; and <br /> The reasons and facts supporting this finding are that the TIF District is <br /> properly zoned, and the TIF Plan has been approved by the City Planning <br /> Commission and will generally compliment and serve to implement <br /> policies adopted in the City's comprehensive plan. <br /> (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs <br /> of the City as a whole, for the development of the Project Area by private <br /> enterprise. <br /> The reasons and facts supporting this finding are that the development <br /> activities are necessary so that development and redevelopment by <br /> private enterprise can occur within the Project Area. <br /> Section K Estimated Public Costs <br /> The estimated public costs of the TIF District are listed below. Such costs are eligible for <br /> reimbursement from tax increments of the TIF District. <br /> Land Acquisition, Demolition, $12,595,000 <br /> Site Improvements, <br /> Public Improvements, etc. <br /> [Above Costs Will be Itemized <br /> • Prior to Public Hearing] <br /> Subtotal $12,595,000 <br /> Interest on Pay-As-You-Go 20,185,000 <br /> Obligations or Bonds <br /> Administration 1,640,000 <br /> Total $34,420,000 <br /> The City reserves the right to administratively adjust the amount of any of the items listed above <br /> or to incorporate additional eligible items, so long as the total estimated public cost is not <br /> increased. <br /> Section L Estimated Sources of Revenue <br /> The City currently anticipates providing financial assistance to the proposed developments <br /> through the use of a pay-as-you-go technique. As tax increments are collected from the TIF <br /> District in future years, a portion of these taxes will be distributed to the developer/owner as <br /> reimbursement for public costs incurred (see Section K). <br /> The City reserves the right to finance any or all public costs of the TIF District using pay-as-you- <br /> go assistance, internal funding, general obligation or revenue debt, or any other financing <br /> mechanism authorized by law. The City also reserves the right to use other sources of revenue <br /> legally applicable to the Project Area to pay for such costs including, but not limited to, special <br /> • assessments, utility revenues, federal or state funds, and investment income. <br /> SPRINGSTED Page 5 <br />