Laserfiche WebLink
MOORESVILLE, (INDIANA)REDEVELOPMENT COMMISSION <br /> (Cont'd) <br /> Mooresville Allocation Area No. I <br /> GENERAL COMMENTS <br /> Illustrative Project Costs& Funding—Page 7 <br /> This Report includes several schedules to illustrate for the Commission the amount of funds that <br /> could be raised based on the estimated available Tax Increment from the Area. Assuming 150% <br /> annual debt coverage, a bond of approximately $6,700,000 could be issued. A portion of bond <br /> proceeds would be needed to fund a debt service reserve, an underwriter's discount, and issuance <br /> costs, which would leave approximately $5,825,000 available to fund capital projects in the Area. <br /> Illustrative Amortization of$6,700,000 Redevelopment District Tax Increment Revenue Bonds <br /> of 2011 —Page 8 <br /> An illustrative amortization of the Redevelopment District Tax Increment Revenue Bonds of 2011 is <br /> presented in this schedule. The bonds are assumed to mature over 20 years at an annual interest rate <br /> of 8%. <br /> Comparison of Estimated Tax Increment and Illustrative Debt Service—Page 9 <br /> The schedule presents the estimated annual Tax Increment available for illustrative debt service <br /> payments. The estimated Tax Increment would provide approximately 150% coverage of the <br /> illustrative annual debt service. <br /> I listorical Tax Increment Collections- Page 10 <br /> i <br /> This schedule provides historical collection of Tax Increment in the Area for years 2004 through <br /> spring of 2010. <br /> Account Balance Information Page I <br /> This schedule shows an account balance of$3,137,507 for the Area's Allocation Fund and$21 1,494 <br /> of interest earnings as of May 4, 2011. <br /> (Continued on next page) <br /> -3- <br />