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<br /> I , <br /> I <br /> i' Article II <br /> City of Arden Hills, Minnesota <br /> Modification to the <br /> I Tax Increment Financing Plan for <br /> Tax Increment Financing District No.1 <br /> I May 27, 1997 <br /> Introduction <br /> I The following text represents a modification to the Tax Increment Financing Plan for Tax Increment Financing <br /> District No. I. The modification to the Tax Increment Financing Plan represents a continuation of the goals <br /> I and objectives set forth in the Development Program for Development District No. I and the Tax Increment <br /> Financing Plan for Tax Increment Financing District No. I. Generally, the substantive changes include the <br /> authority to spend additional tax increments generated from Tax Increment Financing District No. I for other <br /> I redevelopment related projects in Development District No. I; to expand the budget for Tax Increment <br /> Financing District No. I; and to clarify budgets for previous expenditures. <br /> I For further information, a review of the Development Program for Development District No. I, adopted June <br /> 26, 1989, and modified on April 26, 1993; and the Tax Increment Financing Plan for Tax Increment Financing <br /> District No. I adopted June 26, 1989, is recommended. They are available from the City Administrator's office <br /> Ie of the City of Arden Hills. <br /> Section 2.3 Parcels to be Included. <br /> I (As Modified May 27, 1997) <br /> I This section is modified to confirm that the Tax Increment Financing District includes internal and <br /> adjacent streets and rights-of.way. <br /> I Section 2.6 Soecific Develooment Exoected to Occur. At this time it is anticipated that the project will <br /> include approximately 25 homestead townhomes and 64 rental apartment units at approximate construction <br /> I costs of $120,000 and $60,000 per unit respectively, with anticipated construction completion dates in 1990. <br /> (As Modified May 27, 1997) <br /> I Approximately 31 units of townhome development has been completed. Additional residential development <br /> is expected to occur. <br /> I Section 2.9 Estimated Public Imorovement Costs. The estimated costs associated with Development <br /> District No. I are listed below. <br /> I (As Modified May 27,1997) <br /> t' The following is an estimate of public costs including all modifications to the Tax Increment Financing Plan <br /> for Tax Increment Financing District No. I. A modified estimated breakdown of Development District No. <br /> Modification to Tax Increment Financing Plan for Tax Increment Financing District No. I If.! <br /> I <br /> -------- <br />