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2. .Estimated annual tax increment of X222,000 resulting from the construction <br />of 36 condominium units, 80 senior co-op units, 6 townhomes and 7 single <br />family homes. Upon full valuation the tax increment will increase at an <br />approximate 2.0% annual inflation rate <br />3. Ramsey County estimates that the district will terminate in 2015. <br />Both the TIF Plan and the Development Program need to be amended in order to <br />authorize the expenditure of additional tax increment revenues and to identify additional <br />proposed expenditures within both the TIF District and Development District No. 1. In <br />addition to review of the budget for this specific TIF District, all the budgets for all the tax <br />increment districts located within Development District No. 1 will need to be reviewed as <br />well. At this time it would also be prudent to determine if the boundaries of Development <br />District No. 1, the Redevelopment Project and the Industrial Development District are <br />coterminous. If they are, there may be expenses within the two latter areas which could <br />be identified and included in the budget modification. If not, it may make sense to <br />consider making all project areas coterminous and including any additional eligible <br />costs. <br />Also, because of the numerous amendments to the Tax Increment Act since the city's <br />foray into tax increment financing in 1982, it may also be prudent to restate all its tax <br />increment plans and development programs to ensure consistency with the current Tax <br />Increment Act. <br />Let us know how you would like to proceed. <br />G:\WPDATA\R\ROSEVf~LE\08\COR\WELSCH BENNEIT MEM-JRC 1.DOC <br />Page 2 <br />