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2. Contracts <br />. No contracts have been entered into at the time of the <br />preparation of this Tax Increment Financing Plan. <br />Proposed contracts for services associated with Tax Increment <br />Financing District No. 12 include: <br />• Contract for Construction of a 12,000 Square Foot <br />Facility (by Neos, Inc.) <br />• Soil Borings and Analysis <br />• Site Preparation and Development <br />E. FINANCIAL ANALYSIS OF TAX INCREMENT FINANCING <br />DISTRICT NO. 12 <br />Tax Increment Financine District No. 12 Cost Estimates <br />Budeet Amount <br />• <br />Land Write Down $60,000 <br />Site Survey <br />Site Preparation $20,000 <br />Soil Borings and Analysis <br />Administration <br />Legal $ 2,500 <br />Cost of Issuance Fees <br />Bond Discount <br />Capitalized Interest <br />Miscellaneous ~ 2.500 <br />Total $85,000 <br />2. Bonded Indebtedness <br />The City of Elk River anticipates apay-as-you-go Tax Increment <br />Financing District No. 12 and no bonds will be issued. <br />3. Sources of Revenue to Pav Public Costs <br />Tax Increments collected from the Neos, Inc., expansion will be <br />used to pay the public costs associated with Tax Increment <br />Financing District No. 12. <br />4. Orieinal Tax Capacity <br />The original net tax capacity, based on the 1994 valuation, for <br />the real property in Tax Increment District No. 12 is estimated <br />to be $2,300. The County Auditor Certification attributable to <br />this value is attached as Exhibit C. <br />• <br />