Laserfiche WebLink
<br />Methods for Financing all Estimated Project Costs and <br />Estimated Sources of Revenue <br /> <br />Description of the Methods of Financing <br /> <br />The City will issue $22,904,093 in Certificates of Obligation for the <br />construction of the Conference Center. In a separate agreement, JQH <br />has agreed to pay thirty percent of the annual debt services payments <br />as base rent for the Conference Center. The City is responsible for the <br />remaining seventy percent of the Conference Center costs. A <br />breakout of these debt service payments is also included in Exhibit C. <br /> <br />Expected Sources of Revenue to Finance or Pay Project Costs <br /> <br />Table D shows the increment dedicated to the Zone by the taxing units <br />in the Zone. <br /> <br />Table D <br />Increment Dedicated to the Zone <br /> <br /> <br />Dedicated Tax Rate <br />$0.4702/$100 Valuation <br />$0.3229/$100 Valuation <br /> <br />Years <br />25 <br />25 <br /> <br />Tax Increment Fund <br /> <br />The City shall create and establish a Tax Increment Fund (TIF) for the <br />Zone, which may be divided into sub-accounts as provided for in the <br />ordinance creating the Zone. The TIF and each account shall be <br />maintained at the depository bank of the City and shall be secured in <br />the manner prescribed by law for funds of Texas cities. The annual <br />Tax Increment shall equal the property taxes levied by the City or any <br />other taxing unit participating in the Zone for that year on the captured <br />appraised value, as defined by the State Tax Increment Act (the "Act"), <br />of real property located in the Zone that is taxable by the City or any <br />other taxing unit participating in the Zone, less any amounts that are to <br />be allocated from the Tax Increment pursuant to the Act. <br /> <br />7 <br />