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Parcels to be Acquired -- The City intends to acgwe property within Tax Increment Financing District No. 12 for resale to private developers. Estimated Amount of Loan /Bonded indebtedness —Tax increments collected from TIF ]district NO.2 will be utilized on a 44pay as you go" basis to assist with capital and administrative costs throughout the City. The city reserves the right to issue bonds within TIF District No. 12 not to exceed $1.5 million. Duration of District — The duration of the TIF District loo. 1 is 5 expiring in 2015 * Limitation on Duration of the TEF 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 (2) the Authority has acquiredproperty within the district (3) the authority has constructed improvements. (The Gity acquired tlzeproperty in 1991 so this limitation is no longer aproblem). 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 theparcei or ether site preparation has occurred, no additional tax increment may be taken from that parcel. h e City m ode impro vem en is to th a school after p u rch ase. o r th e activity center use so the knock down rule has been acicd)f Limitation on the use of TIF — the shall be used to finance or otherwise pay public capital and administrative costs pursuant to Minnesota Statutes, Section469.124 through 469.134. (State Statute section attached as Exhibit #2). No revenues derived from tax increment shall be used for the constuctlon, 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 constructionor renovation of a parking structure, a commons area used as a pph is nark or a f ilYt se l f social, recreational or conference L oses and not primarily for conducting the business of a municipality, The City may choose to modify the tax increment financing plan for TIF District Igo, 12 in order to promote further development throughout the entire city and within the ability provided within Development District No. 1(as outlined in Z 3 above). 33 Development Attorney Jim Casserly, I rass Monroe has suggested that the T1F District Financing Flan 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 fnaancing plan indicates that TIF generated from the site (originallyplanned for NCR bmining facility) would be used for capital and infrastructure costs associated with the NCR expansion. ` RCA TW District #12 (080403) i Page 3 of 5