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Parcels to be Acquired — The City intends to acquire property Wkhin Tax Increment Financing District No. 12 for rule to private developers, Estimated Amount of Loan /Bonded indebtedness —Tax increments collected from TIF District NO. 2 will be utilized on a "pay as you go" basis to assist with capital and administrative costs throughout the City. The city serves the right to issue bonds within - District o. 12 not to exceed $1.5 million. Duration of District — The duration of the TIF District No. 12 is 25 expiring in 2015. * Limitation on Duration of the TIC` District o No tax increment shall be paid by an authority three years from the date of certificationby the County Auditor unless within' the three year period (1) bonds have been issued ) the A uthority has acquiredproperty wiili the district (3) the authority has constructed improvements. (The City acquired theproperty in 1991 so this limitation as no longer uprobie ), o If after 4 years from the date of certification of the Original Estimated Market value of the TIF district, no demolition, rehabilitation or renovation of theparcel or other site preparation has occurred, no additional tax increment may be taken from that parcel. he City made improvements to the school after punch asef `or the activity center use so the knock down rule has been achieved). Limitation on the use of TIP — the shall be used to finance or otherwise pay public capital and administrative costs pursuant to Minnesota Statutes, Section 469.124 through 469.134. (State Statute section attached a,a Exhibit #2). No revenues derived from tax increment shall be used for the construction, renovation, operation or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government; this provision shall not prohibit the use of revenues derived from tax increments for the construction or renovation of a parking structure, a commons area used as a public park or a facility used for social, recreational or conference P urposes and not prirnafily for conducting the business of a municipality. The City may choose to modify the tax increment financing plan for TIF District No. 12 in order to promote further development throughout the entire city and within the ability provided within Development District No. I (as outlined in Z3 above). 3.5 Development Attorney Jim asserly, K rass Monroe has suggested that the TIF District Financing plan will need to be modified once the City Council makes a determination regarding the future use of TIF generated from the Applewood Pointe Project. The current financing plan indicatesthat TER generated from the site (originallyplanned for NCR training facility) would be used for capital and infrastructare costs associated with the NCR expansion. RCA 'IF District #12 (080403) - Page 3 of 5