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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 32 32 City of New Brighton, MinnesotaTax Increment Financing (Redevelopment) District No. 31North Quadrant West SidePrior Years Current ProjectedRevenues 2020 & Prior 2021 2022 2023 2024 2025-2035Accumulated Admin Expenses 9,614,100 2,742,467 2,742,467 2,742,467 2,742,467 2,742,467 2,744,277 Accumulated Total Revenues 96,141,000 5,777,847 7,075,298 8,382,671 9,729,265 11,116,256 29,413,490 Allowable Admin 10% 47.5% 38.8% 32.7% 28.2% 24.7% 9.3%Pooling CalculationPrior Years Current ProjectedProjected Total Pooling 2020 & Prior 2021 2022 2023 2024 2025-2035Step 1:Cumulative Tax Increment - 29,045,231 5,410,489 5,410,489 6,706,687 8,014,412 9,361,006 9,361,006 Current Year - 1,296,198 1,307,725 1,346,594 1,386,992 19,684,225 Total - 29,045,231 5,410,489 6,706,687 8,014,412 9,361,006 10,747,997 29,045,231 Step 2:In-District Expenditures 75% 56,179,285 56,179,285 57,189,722 58,155,078 59,074,233 64,797,593 Current Year1,010,437 965,356 919,155 872,401 282,392 Total 65,079,984 56,179,285 57,189,722 58,155,078 59,074,233 59,946,635 65,079,984 Maximum Allowable Expenses 86,773,312 74,905,713 76,252,963 77,540,104 78,765,644 79,928,846 86,773,312 Return to CountyPrior Years CurrentAnnual Qualifying Costs 25% 7,261,308 1,352,622 324,049 326,931 336,648 346,748 4,574,308 Less: Out-of-district spendingAdmin (2,744,277) (2,742,467) - - - - (1,810) Transfers Out (23,547) - - - - - Cumulative Available Amount for Pooling 4,493,483 (1,389,845) 324,049 326,931 336,648 346,748 4,572,498 Ending Cash Balance - - - - - (12,357,050)Available for Pooling (lesser of cash balance or cumulative pooling amount) - - - - - - ProjectedAdministrative Expenses Limit Test MN Statutes 469.176 Subd. 3
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