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Parcels to be Acquired — The City intends to acquire 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 "pay 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 loo. 12 not to exceed $1.5 million. Duration of District — The duration of the TIF District Igo. 12 is 25 expiring in 2015. 0 Limitation on Duration of the TIF District o No tax increment shall be paid by an authority three years from the date of certification by the County Auditor unless within the three year pefiod (1) bonds have been issued (2) the Authority has acquircdproperty within the district (3) the authority has constructed improvements, (The City acquired the property in 1 991 so this limitation is no longer a problem), o If after 4 years from the date of certification of the Original Estimated Market Value of the TIE district, no demolition, rehabilitation or renovation of the parcel or other site preparation has occurred, no additional tax increment may be taken from that parcel. (The City made improvements to the school after purchasefor the activity center use so the knock down rule has been achieved). irm ion on the use of TIT — the TIF shall be used to finance or otherwise pay public capital and administrative costs pursuant to Minnesota Statutes, Section 469.124 through 469.134. ( Statute section attached as 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 ` goveniment 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 ark or a facility used for social, recreational or conference uses and not primarily for conducting the business of a rnumcipality. The Cilty may choose to modify the tax increment financing plan for TIF District No. 12 in order to 1 f M1 M # development t1 1 f I# the entire city # and within '! ability provided within Development # outlined in 2.3 above), 3.5 Development Attorney Jim Casserly, Krass Monroe has suggested that the TIE District Financing Plan will need to be modified once the City Council snakes a determination regarding the future use of TIF generated from the Apple wood. Pointe Project. The current financing plan indicates that TIF generated from the site (originally planned for NCR training facility) would be used for capital and infrastructure casts associated v%j.h the NCR expansions. 4 RCA TrF District #12 (080403 ) - Page 3 of 5