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TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 17 JUNE 20, 2005 A. Statement of Objectives. See Section IJ Subsection F.1. of the Development Program. B. Development Program. See Section I. C. PFlrcels to be InclIJded. The boundaries of Tax Increment Financing District No. 17 (the "TIF District") are described on Exhibit 17-A and illustrated on Exhibit 17 -B. D. PFlrcels in Acquisition. The City may write down or acquire and reconvey real property, or interests therein, within this TIF District or elsewhere within the Project Area at the time or times as the City may determine to be necessary or desirable to assist or implement development or redevelopment within the Project Area or the TIF District. The City may acquire any of the parcels illustrated on Exhibit I-A by gift, dedicationJ condemnation or direct purchase from willing sellers in order to achieve the objectives of the Development Program or the TI F District. E. Development Activity for which Contracts hFlve been Signed. As of the date of adoption of the Tax Increment Financing Plan (the "TIF Plan") the City intends to enter into a Development Agreement with Roseville Twin Lakes LLC, a limited liability company, comprised of The Rottlund Company, Inc. and co-redevelopers for the activities listed below. F. Specific Development Expected to Occur. At this time it is anticipated that redevelopment activities within the TIF District will include the construction of the following: Upon completion of all phases of the redevelopment, which is anticipated to occur over a four to five year period, the City will realize the addition of approximately 240 lofts, 240 senior condominiums, 142 new urban town homes, 82 gable townhomesJ 26 urban row townhomes, 151 J800 square feet of big box anchor retail, 81,000 square feet of junior anchor retailJ 46,150 square feet of office above these retail areas, 180,000 square feet of corporate office space, 72,563 square feet of additional retail, and 26,200 square feet of restaurant space, with a total estimated market value of $212,376,245. G. Prior PIFlnned Improvements. The City shall, after due and diligent search, accompany its request for certification to the County Auditor with a listing of all properties within the TIF District for which building permits have been issued during the eighteen (18) months immediately preceding approval of the TIF Plan by the City. 1