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He I. i Estimated Amount of Loan /Bonded indebtedness Tax Increments collected as a result of Tax Increment Financing District No. 13 will be utilized on a "pay as ' you go" basis to assist with capital and administration costs in Tax Ihcrement Financing District No* 13 subject to pooling requirements of the tax increment financing law. Tax increments in excess of the amount necessary to finance the amounts set forth in Section G will be used to pay principal and interest on the City's outstanding tax increment bonds or will be used, to pay other capital and administration costs within Development District Noo 1. The City reserves the right to issue bonds not to exceed $10,5001000 should it become necessary. Sources of Revenue The only source of revenue to be used to finance capital and administration costs associated with the development projects set forth in this Tax Increment Financing District No. 13 within Development District No. 1, is tax increment generated as a result of the taxation of land and, improvements within Development District No* 1. Tax increment financing refers to a funding technique that utilizes increases - in valuation and the property taxes attributable to new development to finance, or assist in the financing of capital and administration costs # . The improvements as a result of future development are expected to generate an annual tax ,increment of $509,500 }used upon assumptions of a total build out value of $18,067,375a original Estimated Net Tax capacity Pursuant to Minnesota St tut S, Section 4699175F Subdivision 1 and Section 469,177-Subdivision 11 the original Net Tax capacity for the city of Roseville Tax Increment Financing District No. 13 ii based on the value placed on -the property by the County Assessor in 1993. This Original Net Tax Capacity is $521,726o Each year the office of the- county Auditor will measure the amount of increase or decrease in the total value of Tax Increment Financing District Roo 13 to calculate the tax increment pa Able tb Tax Increment Financing District No. 13. In any year in which there is an increase in total Estimated Market value, above the original Estimated Market value, a tax increment will be payable* The county Auditor shall certify in Each year after the date the original Tax capacity was certi f fed, the amount of Tax Capacity has increased or decreased as a result of: 16 change in tax exempt status of property 2e reduction or enlargement of the geographic boundaries of the district