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Use of Funds.
<br />Description
<br />TIF Funds
<br />Other Funds
<br />Total
<br />Site Acquisition
<br />Site preparation
<br />$ 3,165,805
<br />$ 3,165,805
<br />Legal and Plan*
<br />$ 35,000
<br />$ 35,000
<br />Building Costs
<br />Renovation Phase 1
<br />$5,600,000
<br />$ 4,159,191
<br />$ 9,759,191
<br />Renovation Phase 2
<br />$ 2,657,000
<br />$ 2,657,000
<br />General Conditions
<br />$ 805,630
<br />$ 805,630
<br />Tenant rehab
<br />$ 1,251,174
<br />$ 1,251,174
<br />Soft Costs
<br />$ 2,629,409
<br />$ 2,629,409
<br />TOTALS
<br />$5,600,000
<br />$14,703,209
<br />$20,030,209
<br />201407626
<br />Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2014,
<br />valuation of approximately $2,044,858. Based on the 2013 levy this would result in a
<br />real property tax of approximately $45,015. It is anticipated that the assessed value will
<br />increase by $19,525,171, upon full completion, as a result of the site redevelopment.
<br />This development will result in an estimated tax increase of over $429,818.00 annually.
<br />The tax increment gained from this Redevelopment Project Area would not be available
<br />for use as city general tax revenues, for a period of 15 years, or such shorter time as may
<br />be required to amortize the TIF bond, but would be used for eligible private
<br />redevelopment costs to enable this project to be realized.
<br />Estimated 2014 assessed value:
<br />Estimated value after completion
<br />Increment value
<br />Annual TIF generated (estimated)
<br />TIF bond issue
<br />$ 2,044,858.00
<br />$ 21,570,029.00
<br />$ 19,525,399.00
<br />$ 429,818.00
<br />$ 5,600,000.00
<br />(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
<br />The redevelopment project area currently has an estimated valuation of $2,044,858.
<br />The proposed renovation of this facility will result in an estimated additional $19,525,399
<br />of taxable valuation based on an analysis by the Hall County Assessor's office. No tax
<br />shifts are anticipated from the project. The project creates additional valuation that will
<br />support taxing entities long after the project is paid off.
<br />(b) Public infrastructure and community public service needs impacts and local tax
<br />impacts arising from the approval of the redevelopment project;
<br />No additional public service needs have been identified. Existing water and waste
<br />water facilities will not be impacted by this development. The electric utility has
<br />sufficient capacity to support the development. It is not anticipated that this will impact
<br />
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