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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 Actual 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 1,760,000 597,113 599,944 619,180 619,180 619,180 619,180 619,180 Allowable Admin 10% 10.0%9.9%9.6%9.6%9.6%9.6%9.6%Pooling CalculationPrior Years Actual ProjectedProjected Total Pooling 2020 & Prior 2021 2022 2023 2024 2025 2026Step 1:Cumulative Tax Increment - 707,024 627,491 627,491 666,850 707,024 707,024 707,024 707,024 Current Year - - 39,359 40,174 - - - - Total - 707,024 627,491 666,850 707,024 707,024 707,024 707,024 707,024 Step 2:In-District Expenditures 75% 597,113 599,944 619,180 619,180 619,180 619,180 Current Year2,831 19,236 - - - - Total619,180 597,113 599,944 619,180 619,180 619,180 619,180 619,180 Maximum Allowable Expenses / 75% 825,573 796,151 799,925 825,573 825,573 825,573 825,573 825,573 Return to CountyPrior Years Current ProjectedAnnual Qualifying Costs 25% 176,756 156,873 9,840 10,043 - - - - 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 73,878 62,695 8,140 10,043 (7,000) - - - Ending Cash Balance - - - - - - 0 Available for Pooling (lesser of cash balance or cumulative pooling amount) - - - - - - 0 Administrative Expenses Limit Test MN Statutes 469.176 Subd. 3
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