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<br />e <br /> <br />e <br /> <br />e <br /> <br />Sources of Funds: <br /> <br />Tax Increment $177,000 <br /> <br />Amount of Bonded Indebtedness to be Incurred: -0- <br /> <br />As noted in the TIF Plans, the City has elected to retain the <br />full captured assessed value of the TIF District No. 1 and No. 3 <br />and to use all of the tax increment generated by the TIF <br />Districts for the purposes identified in the TIF Plans. As <br />indicated on the attached Exhibit A, the TIF Districts will <br />generate more than enough revenue to fund the proposed public <br />development activity costs. Therefore, it will not be necessary <br />to extend the duration of the TIF District No. 1 and No. 3 beyond <br />the period described in the TIF Plans or to increase the amount <br />of tax increment to be received, in order to fund the proposed <br />activities. <br /> <br />The City of Elk River proposes to sell bonds to finance the <br />rema~n~ng costs of the Public Library expansion. This bond issue <br />is separate from, and not related to, Districts No. 1 and No.3. <br /> <br />5.) Cash Flow Analysis Attached as Exhibit A to this <br />Modification is a revised cash flow analysis for the TIF <br />Districts which sets forth the impact of the proposed public <br />development expenditures. As shown on the cash flow analysis, <br />the cost of this activity will be paid from tax increment <br />generated by the TIF Districts in excess of that necessary to <br />pay existing debt service. <br /> <br />6.) Estimated Impact on the TIF Districts on Other Taxinq <br />Jurisdictions Because the proposed public development <br />activities will be paid for with tax increment currently retained <br />by the City under the TIF Plans, the estimated impact on other <br />taxing jurisdictions as described in the TIF Plans will remain <br />unaffected. <br /> <br />7.) Administrative Procedures and Requirements This <br />Modification is being made pursuant to the Modification procedure <br />explained in the TIF Plans and Minnesota Statutes, Section <br />469.175, subd. 4, solely for the purpose of providing for the <br />partial financing of the Elk River Public Library expansion <br />project. TIF funds would be used to underwrite the expansion <br />costs of this public development activity. <br />