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determined that tax increment financing constitutes the most effective means available for <br /> enabling the development of the Area to proceed. <br /> 1. Private Redevelopment Activities: <br /> New construction of commercial retail facilities will serve the needs of the general <br /> community surrounding the Area. <br /> 2. Public Redevelopment Activities: <br /> No major public improvements are anticipated for the Area; however, public <br /> assistance for the categories set forth in the Project Budget is anticipated to be <br /> needed in order to allow the private redevelopment activities to occur. <br /> The estimated costs associated with the eligible public redevelopment activities is <br /> approximately $10,668,000. This estimate includes reasonable or necessary costs incurred <br /> or estimated to be incurred in the implementation of the Redevelopment Plan. It is <br /> anticipated that the City will utilize other City resources as well as state and federal grants, <br /> if available, to assist in paying for these costs. <br /> Without excluding other methods of City financing, the principal source of funding will be those <br /> deposits made into the Special Tax Allocation Fund of monies received from the taxes on the <br /> increased value (above the initial equalized assessed value) of real property in the Area. These <br /> monies may be used to repay private or public sources for the expenditure of funds made as <br /> Redevelopment Project Costs for applicable public or private redevelopment activities noted <br /> above, or may be used to amortize Tax Increment Revenue obligations, issued pursuant to this <br /> Redevelopment Plan, for a term not to exceed 20 years bearing an annual interest rate as <br /> permitted by law. The tax increment utilization for repayment will not exceed twenty (20) years. <br /> Revenues received in excess of 100% of funds necessary for the payment of principal and <br /> interest on the bonds and not needed for other redevelopment project costs or early bond <br /> retirements will be declared as surplus and become available for distribution annually to the <br /> taxing bodies to the extent that this distribution of surplus does not impair the financial viability <br /> of the project. One or more bond issues may be sold at any time in order to implement this <br /> Redevelopment Plan. <br /> The estimated date for the completion of the Redevelopment Plan is no later than 23 years from the <br /> date of adoption of the Redevelopment Plan by the City. <br /> While the Area does not contain over seventy-five (75) residential units, it does anticipate the <br /> displacement of ten (10) or more of the inhabited residential units. A Housing Impact Study has <br /> been prepared pursuant to Section 3 of the Act. <br /> Since the redevelopment plan would result in residential units, a Housing Impact Study is <br /> required pursuant to Section 3 of the Act <br /> 4 <br />