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This project is estimated to generate $269,050 in total gross tax increment over 9 years, the maximum term for <br /> an Economic Development District. The total net amount available for this project is $241,274 or 90 percent, <br /> with the city retaining 10 percent for administrative expenses over the term of the district. The present value of <br /> the increment generated considering a 4%interest rate is $192,196. The applicant has committed to filling the <br /> remaining gap of approximately$210,000 through additional equity contributions. <br /> The developer is proposing a pay-as-you-go method for eligible costs as reimbursement from the city to <br /> construct their new facility. <br /> At their September 16, 2020, meeting, the Joint Finance Committee recommended approval of a tax increment <br /> financing package for Shoot Steel, Inc. in the amount of$190,000 subject to the creation of the TIF District. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Joint Finance Committee Packet (September 16, 2020) <br /> ■ Purchase Agreement (Amended September 16, 2020) <br /> ■ Notice of Public Hearing <br /> ■ Resolution <br /> ■ TIF Plan for TIF District No. 26 <br />