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Ron Moorse -TIF summary memo.wpd Page 2 <br /> Housing TIF District <br /> January 31,2001 <br /> Page 2 <br /> inflation of property values. The bottom figure in the "Present Value" column represents <br /> principal value of the costs reimbursed to developer. The remaining tax increment goes <br /> to interest expense. <br /> 5. In creating the TIF district,the City will agree to make a qualifying local contribution. <br /> The local contribution equals 5%of the tax increment collected each year. The value of <br /> City investment in infrastructure,traffic controls,trails and other improvements related to <br /> the development qualifies as the contribution. <br /> 6. The Developer requests that the City serve as the conduit issuer for tax-exempt bonds <br /> issued to finance the project. The bonds will be secured solely by project revenues and <br /> will not be an obligation of the City. The Bonds will,however,use a portion of the <br /> City's$10,000,000 annual allocation of"bank qualified" bonds. <br />