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Increment Financing District No, 12 is a redevelopment district pursuant to Minnesota Statutes, Section 469,174, Subdivision 10 (a ) (1). Tarr lncremc�nt Financing District No. 12 consists of one parcel, l00% of the buildings (l of 1) has been determined to be structurally sub - standard. A report from City staff indicating how this building qualifies is on file in the office of the Director of Community Development. In accordance with Minnesota Statutes, Section 469,175, Subdivision 3, the City will retain this report and this report will be available to the public by the city until Tax Increment Financing District No, 12 is terminated. Thus, Tax Increment Financing District No, 12 meets the statutory requirements of a redevelopment district and will henceforth be referred to as a redevelopment tax increment financing district. The parcels that have been used to establish eligibility as a redevelopment tax increment financing district are listed in Exhibit A, property Tax Faster List F -, Parcels to Be Acquired The City .intends to acquire property within Tax Increment Financing District loo. 12 for resale to private developers. These properties are listed in Appendix A. 03-29-23-32-0022-2 G. Estimate of costs In addition to the project expenditures previously authorized by the city council and set forth in the tax increment financing plans previously adopted for each tax increment financing district within Development District No. there are additional project expenditures as follows: Purchase of the land, write down and demolition of the school. $1.r 5001000 2. The modification of an existing sewer line. 601000 H. Estimated Amount of Loan /Bonded Indebtedness Tax Increments collected as a result of Tax Increment Financing District No, 12 will be utilized on a "pay as you go" basis to assist with capital and administration costs in Development District No. 1, Tax increments in excess of the amount necessary to finance the amounts set forth in Section will be used to pay principal and interest on the City's outstanding tax increment bonds or will be used to pay pther capital and administration costs within Development District No, 1. The city reserves the right to issue bonds not to exceed $1,560,000 should It become necessary.