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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 />