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USES OF TAX INCREMENT FUNDS TOTAL <br />Land/Building Acquisition $3,627,000 <br />Site Improvements/Preparation $1,500,000 <br />Affordable Housing $5,000,000 <br />Utilities $1,500,000 <br />Other Qualifying Improvements $1,340,042 <br />Administrative Costs (up to 10%)$2,217,923 <br />PROJECT COST TOTAL $15,184,965 <br />Interest $9,212,189 <br />PROJECT AND INTEREST COSTS TOTAL $24,397,154 <br />The total project cost, including financing costs (interest) listed in the table above does not exceed the total <br />projected tax increments for the District as shown in Subsection 2-9. <br />Estimated costs associated with the District are subject to change among categories without a modification <br />to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, <br />without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant <br />to M.S., Section 469.1763, Subd. 2, no more than 25 percent of the tax increment paid by property within the <br />District will be spent on activities related to development or redevelopment outside of the District but within <br />the boundaries of Development District No. 1, (including administrative costs, which are considered to be <br />spent outside of the District) subject to the limitations as described in this TIF Plan. <br />Subsection 2-11. Fiscal Disparities Election <br />Pursuant to M.S., Section 469.177, Subd. 3, the City may elect one of two methods to calculate fiscal <br />disparities. <br />The City will choose to calculate fiscal disparities by clause b. <br />Subsection 2-12. Estimated Impact on Other Taxing Jurisdictions <br />The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF <br />Plan would occur without the creation of the District. However, the City has determined that such <br />development or redevelopment would not occur "but for" tax increment financing and that, therefore, the <br />fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as <br />follows if the "but for" test was not met: <br />City of New Brighton Tax Increment Financing Plan for TIF District No. 34: New Brighton Elementary 2-5