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(" � ( 1) Staff Report to Redevelopment Commission Erskine Village Excess Increment for Taxes Payable in 2012 Prepared 7/6/11 Our review of the Erskine Village TIF has been completed, and the recommendation is to release the full increment of assessed value for one year for taxes to be paid in 2012. These taxes would be released to the other taxing jurisdictions which would collect them if the TIF were not in place. This TIF was originally established to facilitate the demolition and reuse of the former Scottsdale Mall site. All of the improvements planned for this TIF have been completed. The only remaining obligation of the TIF is the pledge of TIF to repayment of an EDC bond. We currently have cash on hand of $5,364,446 and annual bond payments of about $500,000. At the end of the year we expect to receive additional tax receipts of about $1,285,000. If this amount is received, then we will have sufficient funds to defease the bonds. Attached is a schedule showing the cash balance, bond payments and year end tax receipts. The first opportunity to pay off the bonds is not until February 2017, so the amount to defease the bonds will need to include the interest payments through that date, again these are shown on the attached schedule. If the tax receipts at the end of the year are not sufficient to defease the bonds, then the Redevelopment Commission will likely need to collect at least part of the increment for taxes payable in 2013. Once the bonds are defeased, then the Commission can consider whether the Erskine Village TIF should be undeclared and the increment released back to the main South Side Development Area, or released in perpetuity to the other taxing jurisdictions as was the Erskine Commons TIF.