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R. Estimate of Bonded Indebtedness. <br /> <br /> The City may finance public costs identified in this TIF Plan through TI2F Bonds or <br />other obligations in the total principal amount of $17,853,165, including all bonds issued in <br />connection with TIF District Nos. 1, 2 and 4. (See Exhibit F.) <br /> <br />S. Original Tax Capacity. <br /> <br /> The original tax capacity of ail property within TIF District No. 1 is the valuation as <br />of January 2, 1985. <br /> <br /> The County auditor will increase or decrease the original tax capacity of the TIF District <br />as a result of: <br /> <br />1. change in the tax exempt status of property within the TIF District; <br /> <br />2. reduction or enlargement of the geographic boundaries of the TIF District; or <br /> <br />reduction of valuation by means of a court-ordered abatement, stipulation <br />agreement, voluntary abatement made by the assessor or auditor or by order <br />of the Minnesota Commissioner of Revenue. <br /> <br />4. change in the classification of property within the TIF District to a <br /> classification that has a different assessment ratio. <br /> <br /> Each year the county auditor will measure the increase or decrease in the tax capacity of <br />the TIF District. Any year in which the total tax capacity of the TIF District exceeds thd <br />adjusted original tax capacity, an increment will be payable to the City. Any year in which <br />the tax capacity is below the adjusted original tax capacity, no tax capacity will be captured <br />and no increment will be payable to the City. <br /> <br />T. Estimate of Captured Tax Capaci[y and Tax Increment. <br /> <br /> The City is currently collecting approximately $604,000 in tax increments annually <br />from TIF District No. I. This TIF Plan modification does not anticipate additional captured <br />tax capacity other than that from development previously scheduled to occur. <br /> <br /> Pursuant to Section 469.177, Subd. 2 of the TIF Act, it is found and declared that all <br />of the captured tax capacity generated upon full development of all property within the TIF' <br />District is necessary to finance or otherwise make permissible expenditures authorized by <br />Section 469.176, Subd. 4 of the TIF Act. <br /> <br />U. Duration of the TIF District. <br /> <br /> The City reaffirms its intent, pursuant to Section 468.176, Subd. lb(a) of the TIF <br />Act, lo collect tax increments until 25 years after the date of receipt of the first increment <br /> <br />SJB-151910 <br />RA125-52 <br /> <br />10 <br /> <br /> <br />