8.2. SR 06-20-1994 - Laserfiche WebLink

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e 4.) Financial Analvsis of the TIF Districts - Cost of the Public Development Activities to be Financed: Elk River Public Library Expansion $562,000 Administrative Interest Contingency -0- -0- ~o- Total Costs $562,000 Sources of Funds: Library Fund Tax Increment Amount of Bonded Indebtedness to be Incurred $130,000 177,000 255,000 Total Project Financing $562,000 e As noted in the TIF Plans, the City has elected to retain the full captured assessed value of the TIF District 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 development activity costs. Therefore, it will not be necessary to extend the duration of the TIF District 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 activities. The City of Elk River proposes to sell bonds to finance the remaining costs of the Public Library expansion. This bond issue is related to Districts No. 1 and No.3. As a result, the required 20 percent TIF increment will be pledged to debt payment. Therefore, $51,000 in future TIF funds will be reserved for this purpose in addition to the $177,000 cash on hand contribution. 5.) Cash Flow Analvsis - 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 development expenditures. As shown on the cash flow analysis, the cost of this activity will be paid from tax increment generated by the TIF Districts in excess of that necessary to pay existing debt serVIce. e