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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 31 31 City of New Brighton, Minnesota`Tax Increment Financing (Redevelopment) District No. 31Observations:North Quadrant West SideDistrict has zero cash balance while paying down Interfund Loan.District Summary DetailsNot projected to be repaid in full with existing fundsOriginal Modification 2008 Laws (Ch. 366) Assumes pooled funds from other districtsApproval Date 12/14/2004 12/13/2005Actual budget not expected to exceed cumulative modified budgetRequest for Certification 12/23/2004 6/14/2006Certification Date 9/30/2005 4/19/2007Decertification Date 12/31/2031 12/31/2031 12/31/2035Prior Years Current Projected2021 2022 2023 2024 2025-2035Beginning Fund Balance (7,090,052) (7,306,071) (7,532,813) (7,743,360) (7,930,584)Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue23,500,000 58,200,000 29,413,490 5,777,847 1,297,451 1,307,373 1,346,594 1,386,992 18,297,234 MVHC- - - - Investment earnings750,000 1,026,000 (368,259) (367,358) (1,253) 352 - Special Assessments8,000,000 21,125,000 - - - Sales/lease proceeds- - 166,626 166,626 - Sale of property5,500,000 18,660,000 2,544,906 2,544,906 - Loan/advance payments- 849,593 849,593 - Grants1,000,000 5,342,841 5,342,841 - Other: Plan deposit- - 5,758 5,758 - Other: Refund - 750,000 61,880 61,880 - Transfer In- 1,200,000 20,290,985 16,084,265 1,071,571 1,058,399 1,042,165 1,034,586 - Estimated Tax Increment Revenues 37,750,000 101,961,000 58,307,820 30,466,359 2,367,769 2,366,124 2,388,758 2,421,577 18,297,234 Land/building acquisition9,000,000 28,400,000 30,635,437 30,635,437 - Site improvements/preparation costs2,500,000 10,300,000 8,107,375 8,105,853 1,522 - Utilities1,500,000 3,300,000 212 212 - Other qualifying improvements1,000,000 2,300,000 2,241,358 2,241,358 - Construction of affordable housing- - - - - Temporary ED- - - - - Authority Admin2,350,000 5,820,000 2,744,277 2,742,467 - 1,810 - County Admin- - 79,055 37,654 4,808 4,093 2,500 2,500 27,500 Other qualifying improvements- 876,000 - - - Transfer Out- - 23,547 23,547 - Estimated Tax Increment Project Costs16,350,000 50,996,000 43,831,262 43,786,528 6,330 5,904 2,500 2,500 27,500 Interest expense13,150,000 29,840,000 16,688,689 11,764,090 720,354 668,741 615,343 560,167 2,359,995 Total29,500,000 80,836,000 60,519,951 55,550,617 726,684 674,645 617,843 562,667 2,387,495 Bonds 8,000,000 21,125,000 Surplus / (Deficit) 250,000 - Bond Principal Payments(32,613,744) (8,407,794) (1,573,350) (1,625,700) (1,680,150) (1,736,400) (17,590,350) Bond Proceeds Original29,796,682 29,796,682 - Bond Proceeds Refunding- - - Bond Premium/(Discount)- - - Net Bond Payments(2,817,062) 21,388,888 (1,573,350) (1,625,700) (1,680,150) (1,736,400) (17,590,350) Interfund Interest7,327,858 3,394,682 283,753 292,521 301,313 309,734 2,745,855 Total Interfund Payments7,327,858 3,394,682 283,753 292,521 301,313 309,734 2,745,855 Projected Ending Fund Balance(12,357,050) (7,090,052) (7,306,071) (7,532,813) (7,743,360) (7,930,584) (12,357,050)
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