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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 25 25 sCity of New Brighton, Minnesota``Tax Increment Financing (Redevelopment) District No. 27Ken's MarketOriginal ModificationApproval Date 4/28/1998 12/13/2005Request for Certification 6/10/1998 -----Certification Date 1/22/1999 -----Required Decertification Date 12/31/2026 12/31/2026Prior Years Current ProjectedProjected Early Decertification12/31/20222021 2022 2023 2024 2025 2026 (57,466) (20,938) 17,605 57,371 97,535 138,100 Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue850,000 1,750,000 848,532 608,526 39,772 40,047 40,047 40,047 40,047 40,047 MVHC- - - - Investment earnings- 140,000 21,449 18,965 (413) (209) 176 574 975 1,381 Bond Proceeds- 775,000 - - - - - - - - Sales/lease proceeds- - - - - - - - - - TIF credits- - - - - - - - - - Loan/advance payments7,500 10,000 - - - - - - - - Bond Premium42,500 - - - - - - - - - Other: Developer Deficiency- - - - - - - - - - Transfer In- - - - - - - - - - Estimated Tax Increment Revenues 900,000 2,675,000 869,981 627,491 39,359 39,838 40,223 40,621 41,022 41,428 Land/building acquisition500,000 525,000 294,200 294,200 Site improvements/preparation costs127,000 25,000 - - Utilities- 65,000 - - Other qualifying improvements15,000 210,000 - - Construction of affordable housing- - - - Temporary ED- - - - Authority Admin110,000 140,000 59,434 59,434 County Admin- - 9,641 6,828 528 457 457 457 457 457 Other qualifying improvements25,000 5,000 - - Transfer Out: Spending Plan- - 35,293 35,293 Transfer Out- - - - Estimated Tax Increment Project Costs777,000 970,000 398,568 395,755 528 457 457 457 457 457 Interest expense123,000 930,000 13,063 13,063 Total900,000 1,900,000 411,631 408,818 528 457 457 457 457 457 Bonds- 775,000 Surplus / (Deficit) - - Bond Principal Payments(30,410) (30,410) Bond Proceeds Original- - Bond Proceeds Refunding- - Bond Premium/(Discount)2,000 2,000 Net Bond Payments(28,410) (28,410) - - - - - - Interfund - - Interfund Principal- - Interfund Interest250,870 247,730 2,303 838 Total Interfund Payments250,870 247,730 2,303 838 - - - - Projected Ending Fund Balance179,071 (57,466) (20,938) 17,605 57,371 97,535 138,100 179,071 District Summary Details
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