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City of Arden Hills Tax Increment Financing District No. 5: TCAAP 8 loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. Uses of Funds Currently under consideration for the District is a proposal to facilitate a mixed-use development consisting of housing, commercial, corporate office and flex / office space. The City has determined that it will be necessary to provide assistance to some of the projects in the District as well as other affordable housing projects within the City for certain District costs, as described. The City has studied the feasibility of the development of property in and around the District. To facilitate the establishment and development of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District and other affordable housing projects is outlined in the following table. USES Land/Building Acquisition 7,000,000 Site Improvements/Preparation 3,000,000 Affordable Housing 12,061,713 Utilities 2,500,000 Other Qualifying Improvements 56,533,126 Administrative Costs (up to 10%)15,463,734 PROJECT COSTS TOTAL 96,558,573 Interest 73,542,505 PROJECT AND INTEREST COSTS TOTAL 170,101,078 Note: This is a maximum budget for TIF Plan purposes and uses, unit counts and square footage of buildings are subject to change based upon actual development. All applications for assistance will be reviewed to determine appropriate level of assistance, if any, is required. The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in the Sources of Revenue section. In addition, the City hereby elects to increase by 10 percentage points the permitted amount of expenditures of increment from the District for activities located outside the geographic area of Development District No. 1, or after the 10-year rule expires, for affordable housing pursuant to Minnesota Statutes, Section 469.1763, subdivision 2(d). The City may expend tax increment under this election (the "Expanded Pooling Amount") as follows:  The Expanded Pooling Amount may be spent anywhere in the City (whether or not located within Development District No. 1) and after expiration of the 10-year rule.  Expenditures of the Expanded Pooling Amount are not subject to the limitations set forth in Section 469.176, Subd. 4j.