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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 25 25 City 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 ProjectedActual Early Decertification12/31/20222021 2022 2023 2024 2025 2026 (57,466) (20,938) 0 0 0 0 Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue850,000 1,750,000 688,345 608,526 39,772 40,047 - - - - MVHC- - - - Investment earnings- 140,000 18,679 18,965 (413) 127 - - - - 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 2,675,000 707,024 627,491 39,359 40,174 - - - - 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- - 7,356 6,828 528 - Other qualifying improvements25,000 5,000 - - Transfer Out: Spending Plan- - 35,293 35,293 Transfer Out- - 18,399 - 18,399 Estimated Tax Increment Project Costs777,000 970,000 414,682 395,755 528 18,399 - - - - Interest expense123,000 930,000 13,063 13,063 Total900,000 1,900,000 427,745 408,818 528 18,399 - - - - 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 Interest250,869 247,730 2,303 837 Total Interfund Payments250,869 247,730 2,303 837 - - - - Projected Ending Fund Balance0 (57,466) (20,938) 0 0 0 0 0 District Summary Details
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