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10/22/2003 15:22 FAX 9528855969 K ASS MONROE P.A. <br />J <br />DEOEMUR 89 2003 <br />MODIFICATIONS TO THE <br />TAX INCREMENT FINANCING PLAN <br />FOR <br />TAX INCREMENT FINANCING DPJTRtCT NO. 12 <br />X004/00- <br />The Tax Increment Financing Plan ( "Tax increment Plan ") for Tax Increment Financing <br />District No. 1 Tax Increment DistrI ) was adopted and the Tax Increment District <br />was created on February 22, 1 990. The Tax increment District was created as a <br />redevelopment district, is located within Development District No. I ( "Project Area "), <br />and has a termination date of December, 2016. <br />The following sections of the Tax increment Flan for the Tax Increment District are <br />hereby modified to add the following language: <br />Section G. Estimate of Costs <br />See the attached Exhibit A for additional estimated public improvement <br />costs to be funded primarily by tax increment revenue generated from the <br />Tax Increment District,, <br />Section H. Estimated Amount of Loa n /Bonded Indebtedness <br />It is anticipated that appr6xi.m. ately $2,750,000 of additional <br />indebtedness may be incurred with respect to this Tax -1 ncrem ent <br />District. <br />Section i. Sources of Revenue <br />Anticipated revenue sources to assist On the financing of the public <br />improvement costs, pursuant to Section G above, include: (1) general <br />obligation and /or revenue tax increment o bl igati on s with interest; (2) the <br />direct use. of tax increments; (3) the boirro rng of available fU n ds, <br />including without limitation interest grin City short -term or long-term <br />loans, (4) i nterfund loans or advances, (5) i nterfund transfers, both in <br />and out; (6) land sale or lease proceeds, (7) levies, (8) grants from an <br />public or private source} (9) developer payments; (10) loan repayments <br />or other advances originally made with tax increments as p er mitted by <br />Minnesota Statutes; and (11) any other revenue source derived from <br />the City's activities within the Project Area as required to finance the <br />costs as set forth in Section G above. All revenues are mailable for all <br />tax increment eligible expenses -within, the Project Area as allowed by <br />Minnesota Statutes. <br />C;:1WFI)ATA%%ROS&YILLEWB %TER117F PLAN II 00MC'ATION.D <br />