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Incrertent Financing District No. 12 is a redevelopment <br />�istrict pursuant to Minnesota Statutes, Section 469,174, <br />rSubdivision 10(a) (1). Tax Increment Financing Distri�t �o. <br />12 consists of one parcel. 1Q0% of the buildings (1 of l) <br />has been determined to be structurally sub-standard. A <br />report from City staff indfcating how this building <br />qualifies is on file in the office of the Directar of <br />Community Development. ?n acco�dance with Minnesata <br />Statutes, Section 469.175, �ubdivision 3, the City wi11 <br />retain this report and this report will be available to the <br />public by the City until Tax Incremen�. Financinc� D�strict <br />No. 12 is terminated. Thus, Tax Increment Financing <br />District No. 12 meets the statutory requirernents of a <br />redevelopment district and will hencefor�th. be referred to as <br />a redevelopment tax increment financing distric�t. The <br />parcels �hat have been used to e�tablish eligibility as a <br />redevelopment tax increment financing district are listed in <br />Exhibit A, Property Tax Master List. <br />�� <br />F. <br />G. <br />H. <br />Parcels to B�e Acquired <br />The City intends to acquire property within Tax Increment <br />Financing District No. 12 for resale to private dev�lo�ers. <br />These properties are listed in Appendix A. <br />03-29�-23-32-0022-2 <br />Estimate of Costs <br />In addition �a the proj ect �xpencihtures previ,ously <br />authorized by the City Council and set forth in th� tax <br />increment financing plans previously adopted for each tax <br />increment financing district within Development Distr�.ct No. <br />1, there are ac�ditional project expendi�ures as follows: <br />1. <br />2. <br />Purchase of the land, write d�wn <br />and demolition af the school. <br />The modification of an exist�.ng <br />sewer line. <br />Estima�ked Amount of Loan/Boneied Indeb�edness <br />$I,500,OQ0 <br />$ 60,000 <br />Tax Increments coll�cted as a result of Tax Increm�nt <br />Financing District No. 12 will be utilized on a"pay as yr�u <br />go" basis ta assist with capi�al and administrat�on costs in <br />Development District No. 1. Tax incr�ments in excess of the <br />amount n�cessary to finance the amoun�s set forth in Sec�ion <br />G will be used to pay principal and interest on the City's <br />outstanding tax increment bonds or wiZl be used to pay other <br />capital and administration costs within Development District <br />N�. 1. The Cit� reserves the right ta issue bonds not to <br />exceed $1,560,000 should it beeome necessary. <br />� <br />