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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 Calculation of Tax Increment section of this plan. Estimated capital and administrative costs listed above are subject to change among categories by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so long as the total capital and administrative costs combined do not exceed the total listed above. The City may expend funds for qualified housing activities outside of the District boundaries. A summary of the modification to the District, as reported on the OSA forms, can be found in Exhibit IV-F. Section 2.10. Estimated Amount of Bonded Indebtedness. It is anticipated that $0 of bonded indebtedness will be incurred with respect to this portion of Development District No. 1 at this time. Pursuant to Minnesota Statutes, Section 469.178, Subdivision 1, General Obligation Tax Increment Bonds may be used as required to amortize the costs identified in Article I, Section 1.5. It is further anticipated that future bond sales will be based on availability of tax increment. It is also contemplated that future bonds will not be issued at one time but as they are needed. (AS MODIFIED MAY 27, 1997) The pay as you go note established with the developer is set at an original principal balance of $723,237, with annual interest calculated at 1.95834%. (AS MODIFIED DECEMBER 14, 2009) 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 $3,000,000. Such bonds may be in the from of pay -as - you go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of this modification. Section 2.11. Sources of Revenue. The costs outlined on the attached Exhibit IV -A will be financed through the annual collection of tax increments. Revenue Total as of April 26, 1993 May 27, 1997 Establishment Modification Tax Increments 9589950 8835921 Interest Earnings 101000 Special Assesments 0 Other Total 958,950 893,921 (AS MODIFIED DECEMBER 14, 2009) Land/Building Acquisition, site improvements/preparation, public improvement costs, utilities, streets and sidewalks, and site preparation costs and other costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. 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 also finance the activities to be undertaken pursuant to the TIF Plan through loans from funds of the City or to reimburse the developer on a "pay-as-you-go" basis for eligible costs paid for by a developer. City of Arden Hills Modification of Tax Increment Financing District No. 3