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4.7-7-Pre-e4 '— 5 <br /> /Ehlers 8Z Associateset <br /> I' -' <br /> Tax Increment Financing District Overview <, <br /> City of Orono/Orono HRA <br /> Tax Increment Financing District No. 1 -1 <br /> Proposed action: Establishment of Housing Project Area No. and the adoption of a <br /> Development Plan. <br /> Establishment of Tax Increment Financing District No. 1-1 and the <br /> adoption of the Tax Increment Financing Plan. <br /> It is anticipated that the City Council will conduct the public hearing on <br /> May 14, 2001, but not take any formal action. The adoption of the <br /> resolutions approving the above actions will be considered at a subsequent <br /> meeting. <br /> Type of TIF District: A Housing District. Twenty percent(20%)of the units will be occupied <br /> by persons with incomes less than 50% of the area median income. <br /> Parcel Numbers: 34-118-23-24-0058* (*The parcel will be subdivided and a new parcel number <br /> will be assigned to the property included within the district.) <br /> Location: • <br /> i2 ,. u it E .F ? A i' f '..4I <br /> gay B♦ 4, !----j'''.1-....,;1,._., h1, ,191 a: i' 0°- <br /> 1 : -. _ <br /> waYL7t� a l r ti! - �...... <br /> Blvd _ L - <br /> ""^*;:',4'4, • F7. 4.2." � tg �Y 4.-4.- Pi <br /> 5 "P '"` l E.. ,�2-. <br /> / '� R, N}ir A�'N 1 s `' 2 _.. 1 I ��ti -` :::: <br /> i > .o ''- <br /> eowr. ... 4'1 , • / �•Od' ." ,r.v :'G ikø Housin <br /> , o' , ' Project <br /> o..v:a s sr �* T a �Y <br /> .:, - �J TIF District 1-1 ', <br /> 19lTHIAt PAfrc r'It ;�. .- <br /> 2 SO .. i ' i sa `` <br /> Proposed development: Orono Woods. Approximately 62 units of housing for occupancy by <br /> senior citizens. <br /> Estimated annual tax $75,263. This amount is based on assumptions value of the proposed <br /> increment: development after the completion of construction. The estimate is also <br /> based on the current parameters of the property tax system. Changes in <br /> these assumptions will alter the actual tax increment revenues. <br />