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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 26 26 City of New Brighton, MinnesotaTax Increment Financing (Redevelopment) District No. 27Ken's MarketPrior Years Current ProjectedExpenses 2020 & Prior 2021 2022 2023 2024 2025 2026Accumulated Admin Expenses 176,000 59,434 59,434 59,434 59,434 59,434 59,434 59,434 Accumulated Total Expenses 1,760,000 597,113 599,944 601,238 601,695 602,152 602,609 603,066 Allowable Admin 10% 10.0%9.9%9.9%9.9%9.9%9.9%9.9%Pooling CalculationPrior Years Current ProjectedProjected Total Pooling 2020 & Prior 2021 2022 2023 2024 2025 2026Step 1:Cumulative Tax Increment - 869,981 627,491 627,491 666,850 706,687 746,910 787,531 828,553 Current Year - - 39,359 39,838 40,223 40,621 41,022 41,428 Total - 869,981 627,491 666,850 706,687 746,910 787,531 828,553 869,981 Step 2:In-District Expenditures 75% 597,113 599,944 601,238 601,695 602,152 602,609 Current Year2,831 1,295 457 457 457 457 Total603,066 597,113 599,944 601,238 601,695 602,152 602,609 603,066 Maximum Allowable Expenses / 75% 804,088 796,151 799,925 801,651 802,260 802,870 803,479 804,088 Return to CountyPrior Years Current ProjectedAnnual Qualifying Costs 25% 217,495 156,873 9,840 9,959 10,056 10,155 10,256 10,357 Less: Out-of-district spendingAdmin(59,434) (50,734) (1,700) - (7,000) - - - 2004B Bonds (39,028) (39,028) 2012B Bonds (4,416) (4,416) Cumulative Available Amount for Pooling 114,617 62,695 8,140 9,959 3,056 10,155 10,256 10,357 Ending Cash Balance - - - - - - 179,071 Available for Pooling (lesser of cash balance or cumulative pooling amount) - - - - - - 114,617 Administrative Expenses Limit Test MN Statutes 469.176 Subd. 3
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