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City of Elk River, Minnesota <br />SPRINGSTED Page 7 <br /> <br /> (4) The TIF Plan conforms to general plans for development of the City as a whole. <br /> <br />Factual basis: The City Planning Commission has determined that the development <br />proposed in the TIF Plan conforms to the City comprehensive plan. <br /> <br /> <br /> <br />Section K Estimated Public Costs <br /> <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 /> <br />Project Costs Original <br />(2017) <br />Modification <br />(2020) <br />Land/building acquisition 500,000 593,500 <br />Site improvements/preparation costs 167,000 88,495 <br />Utilities <br />Other public improvements 118,005 <br />Construction of affordable housing <br />Administrative expenses 140,640 140,640 <br />Subtotal 807,640 940,640 <br />Interest 598,753 465,753 <br />Total 1,406,393 1,406,393 <br /> <br /> <br />The City anticipates using tax increment to the extent available to finance redevelopment costs <br />of the project including primarily acquisition of blighted properties and site <br />improvement/preparation costs (demolition), related administrative expenses, and other TIF- <br />eligible expenditures as deemed necessary and related to redevelopment of the project site. <br /> <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 ($1,406,393) <br />is not increased. The City also reserves the right to fund any of the identified costs with any <br />other legally available revenues but anticipates that such costs will be primarily financed with tax <br />increments. <br /> <br /> <br />Section L Estimated Sources of Revenue <br /> <br /> <br />Sources of Revenue Original <br />(2017) <br />Tax Increment revenue 1,406,393 <br />Interest on invested funds <br />Other <br /> <br /> Total 1,406,393 <br /> <br /> <br />The City anticipates capturing the tax increments from the project for financing of the identified <br />redevelopment costs including acquisition and demolition. As tax increments are collected from <br />the TIF District in future years, a portion of these taxes will be used by the City to reimburse