4.9. SR 08-16-1993 - Laserfiche WebLink

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e 323 Main Street - Legal Description: Lots 1 and 2, Block 21, Village of Elk River, Sherburne County, Minnesota PID #75-405-2110 The location of these properties are shown on the map attached as Exhibit B to this modification. 4.) Financial Analysis of the TIF Districts - Cost of the Public Development Activities Financed: to be Main Street-Freeport Avenue Redevelopment Total $60,000 $60,000 Administrative Interest Contingency Total Costs -0- -0- -0- $60,000 e Sources of Funds: Tax Increment $60,000 Amount of Bonded Indebtedness to be Incurred: -0- As noted in the TIF Plans, the City has elected to retain the full captured assessed value of the TIF Districts No. 1 and No. 3 and to use all of the tax increment generated by the TIF Districts for the purposes identified in the TIF Plans. As indicated on the attached Exhibit A, the TIF Districts will generate more than enough revenue to fund the proposed public redevelopment costs. Therefore, it will not be necessary to extend the duration of the TIF Districts No. 1 and No. 3 beyond the period described in the TIF Plans or to increase the amount of tax increment to be received, in order to fund the proposed redevelopment activities. 5.) Cash Flow Analysis Attached as Exhibit A to this Modification is a revised cash flow analysis for the TIF Districts which sets forth the impact of the proposed public redevelopment expenditures. As shown on the cash flow analysis, the cost of these activities will be paid from tax increment generated by the TIF Districts No.1 and No.3 in excess of that necessary to pay existing debt service. e 6.) Estimated Impact on the TIF Districts on Other Taxing Jurisdictions Because the proposed public redevelopment activities will be paid for with tax increment currently retained by the City under the TIFPlans, the estimated impact on other