2020-007 - TIRZ Final Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One

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development assumptions are based on input by City staff. This study projected potential development at buildout within the Zone to be $390.7 million. During the term of the Zone, the increase in value of new development that occurs in the Zone (which would not have occurred but for the Zone) will generate approximately $29.4 million for the City ($14.7 million to the TIRZ fund and $14.7 million to the City) in new ad valorem tax revenue. Based on the foregoing, the feasibility of the Zone has been demonstrated. In addition to the above income during the term of the Zone, the City will receive all Business Personal Property and Inventory tax income and sales tax income from new development in the Zone. 10. ESTIMATED BONDED INDEBTEDNESS. If initial Project Costs are not advanced by a Developer or property owner, the City of Paris may consider direct payment of Project Costs or issuing bonds and utilize tax increment funds for either direct repayment or to cover debt service as those funds are available. 11. TOTAL TAXABLE VALUE. The current total appraised value of taxable real property in the Zone as of January 1, 2019 is approximately $52.8 million. It is estimated that upon expiration of the term of the Zone, the total appraised value of taxable real property in the Zone will be approximately $443.5 million. 12. ESTIMATED CAPTURED APPRAISED ISVALUE TAXABLE µBYwTHE CITY. The captured taxable ..o._, ...,. ..., _ED value of the Zone—taxable by the City for a year is the total taxable value of the Zone for that year less the tax increment base of the Zone. The tax increment base of the Zone is the total taxable value of the Zone for the year in which the Zone was designated. 13. ,METHOD OF FINANCING, Project Costs will be financed through loans advanced by Developers, property owners, the City of Paris or by bonds which may be issued and utilize tax increment funds for either direct reimbursement or to support bond debt service as those funds are available. The revenue sources will be the real property taxes captured by the TIRZ, which will account for 100% of revenues used to fund Project and Administrative Costs or bond debt service. For the TIRZ Fund, the City of Paris will contribute 50% of its tax rate on incremental taxable value as shown in Exhibit C. 14. DURATION OF THE ZONE., The term of the Zone shall commence January 1, 2019 and continue until the earlier to occur of: (1) December 31, 2048 or (2) the date on which all Project Costs, bonds, and other obligations have been paid in full. 15. LIST OF EXHIBITS. Unless otherwise stated, all references to "Exhibits" contained in this Preliminary Plan shall mean and refer to the following exhibits, all of which are attached to and made a part of this Preliminary Plan for all purposes.