Fiscal Impact
A fiscal note shows the financial impact of a given legislative action.
Snelling Yards Family Housing Project Financing: 3605 44th St E - Fiscal Note
Yes
Community Planning & Economic Development
01TIF8900220
No
The TIF Assumptions can be found on Exhibit 3 of the TIF Plan.
The City of Minneapolis will issue Housing Revenue Entitlement Bonds in an amount not to exceed $17,000,000.
The City of Minneapolis will award an Affordable Housing Trust Fund loan in an amount not to exceed $2,555,000.
BUDGET IMPACT
List of revenues and expenditures related to this request
| Request Financing | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|
| Revenue Sources | |||||
| Tax Increment Revenue | $0 | $0 | $15,182 | $47,016 | $52,321 |
| Affordable Housing Trust Fund | $2,555,000 | ||||
| Total Revenues | $2,555,000 | $0 | $15,182 | $47,016 | $52,321 |
| Expenditures | |||||
| Pay Go Note Payments (90%) | $0 | $13,664 | $42,314 | $47,089 | |
| TIF Administrative Costs (10%) | $0 | $1,518 | $4,702 | $5,232 | |
| Loan to Snelling Yards Apartments, LP | $2,555,000 | ||||
| Total Expenditures | $2,555,000 | $0 | $15,182 | $47,016 | $52,321 |
| Net Budgetary Impact (Revenue-Exp.) | $0 | $0 | $0 | $0 | $0 |
Not Applicable
Not Applicable