Agenda Item Title:
16TIF003 Heartland Retail Center TID #38 Amendment #2 – Cost Reallocation
Origination Group:
TIF District Review Committee
Origination Meeting Date:
11/16/2016
Stage 2 Group Name:
Planning Commission
Stage 2 Meeting Date:
12/08/2016
City Council Hearing Date:
12/19/2016
City Council First Reading Date:
01/02/2017
Petitioner:
Doyle Estes / Kathy Johnson
Staff Contact:
Patsy Horton
Location:
Southeast Quadrant of Elk Vale Road and Interstate 90
Agenda Item Summary:
The proposed amendment to the Project Plan for Tax Increment District #38 reallocates the approved Project Plan costs to match actual expenditures.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| $86,962.03 | Increase Water Main Costs |
| $129,788.35 | Increase Eglin St Ph I |
| ($350,000.00) | Lift Station - Not Constructed |
| ($210,000.00) | Forced Main - Not Constructed |
| ($120,000.00) | Signal (SDDOT Funded) |
| $150,943.51 | Increase Water Main Loop |
Funding Source & Fiscal Impact Notes:
$8,000.00 - Increase Water Main to Anamosa;
($12,899.29) - Decrease Prof Serv Ph I;
$736,055.48 - Increase Eglin St. Ph II;
$135,887.09 - Increase Det.Dam Ph II;
$72,713.46 - Increase Prof Serv Ph II;
($90,000.00) - Decrease Cont Cost Ph II
“All increased costs are associated with existing construction cost expenses. With the proposed adjustments, TID 38 is anticipated to payoff in 2021.”