In order for the tax increment generated from TIF District No. 18 (Canterbury) to be utilized by the City for the principal and interest payments on the G.O. Tax Increment Bonds, the EDA needs to formally pledge the increment to the city.  The pledge agreement stipulates specifically what the city and the EDA mutually agree to.  For example, the city is agreeing to issue and utilize the bonds for a specific purpose and the EDA is agreeing to pledge 90 percent of the increment received for principal and interest payments on the G.O Tax Increment Revenue Bonds.  

The original agreement was entered into on October 17, 2019, and related to the payments on G.O. Tax Increment Bonds, Series 2019A.  The original principal amount of $4,200,000 were used for 12th Avenue public improvements.

The first amendment dated June 2, 2020 pledged tax increment revenues for G.O. Tax Increment Bonds, Series 2020A.  The original principal amount of $8,165,000 was used for Unbridled Avenue public improvements.

The second amendment pledges tax increment revenues for G.O. Tax Increment Bonds, Series 2022A.  The bond sale is scheduled for April 19, 2022.  The original principal amount of $5,910,000 will be used primarily for County Highway 83 improvements.