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I. J. Sources of Revenue The only source -of revenue to be used to finance public costs associated with the development projects in the municipal development district is tax increment generated as a result of the taxation of the land and improvements in the tax increment redevelopment district. Tax increment financing refers to a funding technique that utilizes increases in assessed valuation and the property taxes attributed to new development to finance, or assist in the .financing of public development costs. The improvements as a result of the elderly housing development are expected to generate an annual tax increment of $51,000 in 1987 based on partial assessments and $68,000 in 1987. The facility is expected to be fully assessed beginning in 1987 at which time the development will generate an annual tax increment of $68,000 collectable in 1988. Original Assessed Value Pursuant to Minnesota Statutes, Section 273.749 Subdivision 1 and Section 273.76, Subdivtsirrion`1, th Ore he Assessed Value (OAV) for the City of Roseville tax increment financing redevelopment district is based on the value placed on the property by the County Assessor in 1983. This assessed value is $27,720 which includes the value of a single family home and a portion of the parcel to the west of the building site to be dedicated to the City as parkland for which a plat will be filed in the near future. Once the plat is filed and the property becomes city -owned and therefore tax exempt, the assessed value will be reduced to zero on the parkland. Thus the original assessed value will be reduced by the parkland porion. This will not negatively affect the estimated tax increment received. Each year the Office of the County Auditor will measure the amount of increase or decrease in the total assessed value of the tax increment redevelopment district to calculate the tax increment payable to the Roseville redevelopment district fund. In any year in which there is an increase in total assessed valuation in the tax increment redevelopment district above the adjusted original assess,od value, a tax increment will be payable. In any year in which the total assessed valuation in the tax increment financing redevelopment district declines below the original assessed valuation, no assessed valuation will be captured and no tax increment will be payable. The County Auditor shall certify in each year after the date the Original Assessed Value was certified, the amount the OAV has increased or decreased as a result of: 1. change in tax exempt status of property; 2. reduction or enlargement of the geographic boundaries of the district; 3. change due to stipulations, adjustments, negotiated or court -ordered abatements. 0