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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 19 19 City of New Brighton, Minnesota`Tax Increment Financing (Redevelopment) District No. 26Brighton Corporate Business Park IIIOriginal ModificationApproval Date 7/28/1997 12/13/2005Request for Certification 8/15/1997 -----Certification Date 1/22/1999 -----Decertification Date 12/31/2024 12/31/2024Prior Years Current Projected2021 2022 2023 2024 89,155 14,140 7,504 0 Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue6,294,800 12,500,000 17,318,502 13,246,475 968,270 1,034,586 1,034,586 1,034,586 MVHC- 76,433 76,433 Investment earnings1,250,000 77,898 71,191 3,507 3,125 75 0 Bond Proceeds5,653,125 - - - - - - Sales/lease proceeds2,000,000 2,065,964 2,065,964 - - - - TIF credits700,000 - - - - - - Loan/advance payments100,000 - - - - - - Bond Premium- - - - - - - Other: Developer Deficiency- - - - - - - Transfer In4,206,250 - - - - - - Estimated Tax Increment Revenues 6,294,800 26,409,375 19,538,797 15,460,064 971,777 1,037,710 1,034,661 1,034,586 Land/building acquisition4,122,500 2,570,000 1,772,596 1,772,596 Site improvements/preparation costs850,000 638,497 638,497 Utilities500,000 398,515 398,515 Other qualifying improvements202,500 2,690,176 2,690,176 Construction of affordable housing- - Temporary ED- - Authority Admin1,600,000 1,250,000 1,292,857 1,267,218 23,663 1,976 County Admin36,042 30,544 3,129 2,370 Other qualifying improvements400,000 - - Transfer Out572,300 8,200,000 9,611,750 5,475,000 1,020,000 1,040,000 1,042,165 1,034,586 Estimated Tax Increment Project Costs6,294,800 13,972,500 16,440,434 12,272,546 1,046,792 1,044,346 1,042,165 1,034,586 Interest expense- 6,783,750 1,508,700 1,508,700 Total6,294,800 20,756,250 17,949,134 13,781,246 1,046,792 1,044,346 1,042,165 1,034,586 Bonds5,653,125 Surplus / (Deficit) - - Bond Principal Payments(5,037,627) (5,037,627) Bond Proceeds Original3,866,296 3,866,296 Bond Proceeds Refunding- - Bond Premium/(Discount)633,494 633,494 Net Bond Payments(537,837) (537,837) - - - - Interfund - - Interfund Principal- - Interfund Interest1,051,826 1,051,826 Total Interfund Payments1,051,826 1,051,826 - - - - Projected Ending Fund Balance0 89,155 14,140 7,504 0 0 District Summary Details
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