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6. Individual Summary of Tax Increment Financing 31 6. Summary of Individual Tax Increment Financing Districts City of New Brighton, MinnesotaTax Increment Financing (Redevelopment) District No. 25Observations:Lakeview SouthDistrict has zero cash balance while paying down Interfund Loan.Projected to be paid in full in 2018Original Modification Small remaining balanceApproval Date 4/12/1994 12/13/2005 Actual budget did not exceed cumulative modified budgetRequest for Certification 4/24/1994 -----Certification Date 11/14/1994 -----Decertification Date 12/31/2018 12/31/2018 Prior Years Current2017 & Prior 2018 2019 2020 (8,650) 6,939 6,939 Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue3,125,000 10,000,000 5,438,516 5,124,714 313,802 MVHC- - - Investment earnings3,387,500 (7,348) (8,567) 1,219 Bond Proceeds1,000,000 - Sales/lease proceeds500,000 391,529 391,529 TIF credits100,000 3,102 3,102 Loan/advance payments- Bond Premium- Other: Developer Deficiency- - Transfer In- - Estimated Tax Increment Revenues3,125,000 14,987,500 5,825,799 5,510,778 315,021 - - - Land/building acquisition2,400,000 1,900,000 1,748,710 1,748,710 Site improvements/preparation costs300,000 200,000 200,000 Utilities500,000 - Other qualifying improvements584,399 584,399 Construction of affordable housing- Temporary ED- Authority Admin575,000 1,000,000 443,231 384,942 58,289 County Admin6,651 6,111 540 Other qualifying improvements10,000 - Transfer Out: Spending Plan328,605 160,071 168,534 Transfer Out150,000 3,825,000 - Estimated Tax Increment Project Costs3,125,000 7,535,000 3,311,596 3,084,233 227,363 - - Interest expense- 4,065,000 773,845 772,706 1,139 Total3,125,000 11,600,000 4,085,441 3,856,939 228,502 - - Bonds3,387,500 Surplus / (Deficit)- - Bond Principal Payments(2,624,482) (2,553,898) (70,584) Bond Proceeds Original1,695,173 1,695,173 Bond Proceeds Refunding- Bond Premium/(Discount)24,738 24,738 Net Bond Payments(904,571) (833,987) (70,584) - - Interfund - Interfund Principal- Interfund Interest828,848 828,502 346 Total Interfund Payments828,848 828,502 346 - - Projected Ending Fund Balance(8,650) 6,939 6,939 6,939 District Summary DetailsProjected
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