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City of Arden Hills Tax Increment Financing District No. 5: TCAAP 7 Project estimated Tax Capacity upon completion $7,171,832 Original estimated Net Tax Capacity $2,012,442 Fiscal Disparities $505,054 Estimated Captured Tax Capacity $4,654,336 Original Local Tax Rate 113.0300%Pay 2019 Estimated Annual Tax Increment $5,260,796 Percent Retained by the City 100% Project Tax Capacity Note: The tax capacity includes no inflation for the duration of the District. The tax capacity included in this chart is the estimated tax capacity of the District in year 3 after development is completed. The tax capacity of the District in year one is estimated to be $1,491,463. Pursuant to M.S., Section 469.177, Subd. 4, the City shall, after a due and diligent search, accompany its request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S., Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which building permits have been issued during the eighteen (18) months immediately preceding approval of the TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase the original net tax capacity of the District by the net tax capacity of improvements for which a building permit was issued. The City has reviewed the area to be included in the District and found no parcels for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan by the City. Sources of Revenue/Bonds to be Issued The total estimated tax increment revenues for the District are shown in the table below: SOURCES Tax Increment 154,637,343 Interest 15,463,734 TOTAL 170,101,078 The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The City reserves the right to incur bonds or other indebtedness as a result of the TIF Plan. As presently proposed, the projects within the District will be financed by pay-as- you-go notes and interfund loans. Any refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision does not obligate the City to incur debt. The City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $96,558,573. Such bonds may be in the form of pay-as-you-go notes, revenue bonds or notes, general obligation bonds, or interfund