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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 30 30 sCity of New Brighton, Minnesota`Tax Increment Financing (Redevelopment) District No. 29BCPN South (Soo Line)Original ModificationApproval Date 6/22/1999 12/13/2005Request for Certification 6/29/1999 -----Certification Date 10/15/1999 -----Decertification Date 12/31/2027 12/31/2027Prior Years Current ProjectedProjected Early Decertification12/31/20212021 2022 2023 2024 2025 2026 2027 9,529 0 0 0 0 0 0 Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue1,300,000 1,300,000 733,856 690,615 43,240 - - - - - - MVHC- - - - Investment earnings- 130,000 3,158 3,790 (631) - - - - - - Bond Proceeds- 1,006,250 - - - - - - - - - Sales/lease proceeds100,000 - - - - - - - - - - TIF credits65,000 - - - - - - - - - - Loan/advance payments35,000 1,412,500 - - - - - - - - - Bond Premium- - - - - - - - - - - Other: Developer Deficiency- - - - - - - - - - - Transfer In- - - - - - - - - - - Estimated Tax Increment Revenues 1,500,000 3,848,750 737,014 694,405 42,609 - - - - - - Land/building acquisition400,000 400,000 280,207 280,207 Site improvements/preparation costs375,250 225,000 - - Utilities50,000 50,000 5,544 5,544 Other qualifying improvements125,000 125,000 - - Construction of affordable housing- - - - Temporary ED- - - - Authority Admin240,000 130,000 51,853 51,853 County Admin- - 7,042 6,476 566 - - - - - - Other qualifying improvements- 5,000 - - Transfer Out- 700,000 51,572 - 51,572 - Estimated Tax Increment Project Costs1,190,250 1,635,000 396,218 344,080 52,138 - - - - - - Interest expense309,750 1,207,500 168,937 168,937 - - - - - - - Total1,500,000 2,842,500 565,155 513,017 52,138 - - - - - - Bonds- 1,006,250 Surplus / (Deficit) - - Bond Principal Payments(373,445) (373,445) Bond Proceeds Original316,579 316,579 Bond Proceeds Refunding- - Bond Premium/(Discount)- - Net Bond Payments(56,866) (56,866) - - - - - - - Interfund - - Interfund Principal- - Interfund Interest114,993 114,993 Total Interfund Payments114,993 114,993 - - - - - - - Projected Ending Fund Balance0 9,529 0 0 0 0 0 0 0 District Summary Details
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