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building permits have been issued during the eighteen (18) months immediately preceding approval of the TIF Plan by the City. The County Auditor shall increase the original tax capacity of the Subdistrict by the tax capacity of each improvement for which the building permit was issued. If said listing does not accompany the aforementioned request or notice, the absence of such listing shall indicate to the County Auditor that no building permits were issued in the eighteen (18) months prior to the City's approval of the TIF Plan. H. Estim8ted Puhlic Improvement Costs. The estimated public improvement costs associated with this Subdistrict are listed in Exhibit 17 A-C. I. Estim8ted AmOlmt of Bonded Indebtedness. It is anticipated that approximately $6.0 million of bonded indebtedness may be incurred that is secured in whole, or in part, by the tax increment from this Subdistrict. J. Sources of Revenue. Anticipated revenue sources to assist in the financing of the public improvement costs pursuant to Exhibit 17 A-C include (1) general obligation and/or revenue tax increment obligations with interest; (2) direct use of tax increments; (3) borrowing of available funds, including without limitation interest-bearing City short-term or long-term loans; (4) interfund loans or advances; (5) interfund transfers, both in and out; (6) land sale or lease proceeds; (7) levies; (8) grants from any public or private source; (9) developer payments; (10) loan repayments or other advances originally made with tax increments as permitted by Minnesota Statutes; and (11) any other revenue source derived from the City's activities within the Project Area as required to finance the costs as set forth in Exhibit 17 A-C. K. Estimated Original Flnd Captured T8x Capacities. The tax capacity of all taxable property in the Subdistrict, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2, 2005, is estimated to be $477 J 171. The captured tax capacity of the Subdistrict is estimated to be $477,171 as shown on Exhibit 17 A-D. The City intends to utilize 100% of the captured tax capacity for the duration of the TIF District for purposes of determining tax increment revenues. L. Local Tax Rate The pay 2005 local tax rate is 1.02078. The Tax Increment Act requires the certification of an original local tax rate for the duration of a tax increment district. For tax increment districts certified after June 30th the effective local tax rate is the local tax rate for the subsequent tax year. At this time the 2006 local tax rate is not known but upon its availability it will be certified as the original local tax rate for the Subdistrict. M. T8x Increment. Annual tax increment generated from the Subdistrict has been calculated at approximately $487,087. This estimate is provided on the attached 2