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D. Development District Program.
<br />
<br /> The City created Development District No. 1 on August 27, 1985, and modified the
<br />Program on June 30, 1986, August 12, 1986, June 9, I987, August 1t, 1987, March 29, 1988,
<br />April 26, 1988, July 26, 1988, November 14, 1989, April 24, 1990, July 31, 1990, March 8,
<br />t994, December 13, 1994, and September 12, 1995. The City is not modifying the boundaries of
<br />the Development District at this time.
<br />
<br /> E. Description of TIF District.
<br />
<br /> A legal description of the properties within TIF District No. 7 is attached hereto as Exhibit
<br />B. A map of approximate boundaries of TI2F District No. 7 is attached hereto as Exhibit A.
<br />
<br />F. Development District Contracts.
<br />
<br /> Although no contracts have yet been executed for property within TIF Dislrict No. 7,
<br />agreements regarding property within the Development District will be entered into in accordance
<br />with §469.176, Subd. 5 of the T~ Act. No more than 25 percent, by acreage, of the land to be
<br />acquired within the Development District will be acquired by the City with bond proceeds without
<br />having concluded an agreement for development or redevelopment of the property.
<br />
<br />G. Classification of TIF District.
<br />
<br /> In evaluating the characteristics of TIF District No. 7 in accordance with the TIF Act, the
<br />City finds that the district is a redevelopment district, pursuant to §469.174, Subd. 10(a) of the
<br />TIF Act because parcels consisting of 70 percent of the area of the district are occupied by
<br />buildings, streets, utilities, or other improvements and more than 50 percent of the buildings, not
<br />including outbuildings, are structurally substandard to a degree requiring substantial renovation or
<br />clearance. Facts supporting this finding are presented in Exhibit D.
<br />
<br />H. Modification of TIF Plan.
<br />
<br /> The Plan for TIF District No. 7 may be modified by the City, provided that any reduction
<br />or enlargement of the geographic area of the TI2F District, increase in amount of bonded
<br />indebtedness to be incurred, including a determination to capitalize interest on the debt ff that
<br />determination was not a part of the original plan, or to increase or decrease the amount of interest
<br />on the debt to be capitalized, increase in the portion of the captured assessed value to be retained by
<br />the City, increase in total estimated tax increment expenditures or designation of additional property
<br />to be acquired by the City, shall be approved upon the notice and after such discussion, public
<br />hearing and Findings as required for approvM of the original plan.
<br />
<br />I. Use of Tax Increment.
<br />
<br /> Pursuant to {}469.176, Subd. 4 of the T~ Act, all revenues derived from the tax increment
<br />from TIY District No. 7 shall be used in accordance with the TW Plan. The revenues shall be used
<br />to finance, or otherwise, pay the capital and administrative costs of development activities within
<br />the Development District as identified in the TIF Plan.
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