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uncommitted is estimated at $900,000, after taking into account district administration through <br />FY2010/2011. <br />In order to complete the three projects, it is estimated that an increase of $13.6 million is <br />needed in the maximum indebtedness limit. The increase is calculated as follows: <br />LCC Project <br />Farmers Market <br />Garage Debt (principal only) <br />Legal /Debt Issuance /Administration <br />Total Funds Needed for Projects <br />Less: Amount Remaining Under Current Spending Cap <br />Net Amount of Maximum Indebtedness Increase <br />Not Included in Maximum Indebtedness Cap: <br />Interest on LCC Project Debt (estimated) <br />Interest on Parking Garage Debt <br />$8,000,000 <br />500,000 <br />4,810,000 <br />1,190,000 <br />$14,500,000 <br />- 900,000 <br />$13,600,000 <br />1,150,000 <br />1,500,000 <br />The increase in maximum indebtedness of $13.6 million would result in a revised maximum <br />indebtedness figure of $46.6 million, which represents cumulative spending in the Plan Area <br />from 1998 to the end of the Plan. This revised maximum indebtedness amount is the estimated <br />amount needed to accomplish the Projects under the current assumptions and to provide for <br />district administration. It is within the limits established under ORS 457.470. <br />Table 6 in Exhibit D includes information about future revenues and expenditures in the Plan <br />Area. The timing and amounts for individual project activities will be determined by the Agency <br />Board each year during the annual budget process. Completion dates for individual activities <br />may be affected by changes in the plans of other private or public partners, local economic and <br />market conditions, changes in the availability of tax increment funds, and changes in priorities <br />for carrying out project activities. The Agency will convene a committee at least once each year <br />to prepare a report on tax increment expenditures from the previous fiscal year in comparison <br />to the Plan. <br />Current projections show that the tax increment revenues should be sufficient to pay for the <br />projects and associated debt by FY2017/2018. The district is not expected to need to collect tax <br />revenue in the final year, FY2017/2018. The district would terminate once the debt issued to <br />fund the Projects is repaid or defeased. <br />Report on the 2010 Amendment 12 <br />