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Increment Financing District No. 12 is a redevelopment <br />district pursuant to Minnesota Statutes, Section 469,174, <br />• Subdivision 10(a) (1). Tax Increment Financing District No. <br />12 consists of one parcel. 100� of the buildings (1 of 1) <br />has been determined to be structurally sub-standard. A <br />report from City staff indicating how this building <br />qualifies is on file in the office of the Director of <br />Community Development. In accordance with Minnesota <br />Statutes, Section 469.175, 5ubdivision 3, the City will <br />retain this report and this report w�ll be available to the <br />public by the City until Tax Increm�nt Financing District <br />No. 12 is terminated. Thus, Tax Increment Financing <br />District No, 12 meets the s�ta�u��ry requirements of a <br />redeve]opment district and wil� henceforth be ref�rred to as <br />a redE.velopment tax increment financing dis�rict. The <br />parcels that have been us�d i�ancina�distric� are lli tea in <br />redevelopment tax increment f g <br />Exhibi� A, Property Tax Master List, <br />� <br />� <br />F, <br />G. <br />H. <br />Parcels to Be Acquired <br />The City int�nd$ �� g��igor resale ��o p�vate d�velopers� <br />Financing Distri�t No. 12 Q�dix �. <br />These prop�rties are listed in App <br />03-29-�3-32-0022-2 <br />Estimate of Costs <br />�n addition �a the �rO7c ��nci���t� fort3� i�� the �tax <br />au�horized by th�e City► Couta <br />increment financing plansc� rW��h�� l�Qv�loprnertt�Di�tri � N�� <br />incr�ment �ina�ncing digtri <br />1, there ar� addlitional project expQnditur�s �� �ollaws� <br />1� <br />� • <br />Pur�haso of the land, �rrit� down <br />and d�molition of the school. <br />The modification of €►n ex�stinc� <br />sa��r lin�. <br />Estimared Amount of Lo�n/Banr��d Ind�btodness <br />$1,500,000 <br />,� �V / �OV <br />Tax Inc�em�nts colleGt�d as � r@sult �o� T�x Incr�m�nt <br />Fin�ncing District No. 1� will be ext�lized on �"p�y �s you <br />go" basis to �ssist with c�pit�l and administra�ion eo�ts in <br />D�v�lopm�nt Distric� No. 1� Tax inere�nents in exc�s� o� th� <br />amount n�c�ssary to fin�nc� the amounts s�t forth in Section <br />G will b� u��d to pay principal �nd in�c��st an the Ci�:�'� <br />outstanding tax incr�ment �onds or will h� us�c� to pay other <br />c��it�1 �nd administration costs within Dev�loPm�nt Distri�t <br />Nn, 1. The City reserv�s the right to issUe bonds not to <br />exceed $1,560,Q00 should it become n�cess�ry. <br />