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D. : Development District Program.
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<br />The:City created Development District No. 1 on August 27, 1985, and modified the Program on
<br />June 30, 1986, August 12, 1986, June 9, 1987, August 11, 1987, March 29, 1988, April 26,
<br />1988, July 26, 1988, November 14, 1989, April 24, 1990, July 3i, 1990, March 8, 1994,
<br />December i3, 1994, August 8, 1996 and September 12, 1995. The City is not modifying the
<br />boundaries of the Development District or the Tax Increment District at this time.
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<br />E. Description ot' TIF District.
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<br />A legal description of the properties within TIF District No. 6 is attached hereto as Exhibit B.
<br />map of approximate boundaries of TIF District No. 6 is attached hereto as Exkibit A.
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<br />F. Development District Contracts.
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<br />Although no contracts have yet been executed for property within TIF District No. 6, agreements
<br />regarding property within the Development District w/Il be entered into in accordance with
<br />{}469.176, Subd. 5 of the TEF Act. No more than 10 percent, by acreage, of the land to be
<br />acquired within the Development Diswict will be acquired by the CitY with bond proceeds without
<br />having concluded an agreement for development or redevelopment of the property.
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<br />G. Classification of TIF District.
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<br />In evaluating the characteristics of TIF District No.' 6, in accordance with the TiF Act, the City has
<br />found that the district is an economic development district, pursuant to §469.I74, Subd. 12(3).
<br />The anticipated industrial development will preserve and enhance the tax base of the State.
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<br />H.i Modification of TIF Plan.
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<br />The Plan for TIF District No. 6 may be modLfied by the City, provided that any reduction or
<br />enlargement of geographic area of the TIF District, increase in amount of bonded indebtedness to
<br />be incurred, including a determination to capitalize interest on the debt if that determination was not
<br />a part of the original plan, or to increase or decrease the amount of interest on the debt to be
<br />capitalized, increase in the portion of the captured assessed value to be retained--by the City,
<br />increase in total estimated tax increment expenditures, or designation of additional property to be
<br />acquired bY the City, shall be approved upon the notice and, after such discussion, public hearing
<br />and findings as required for approval of the original plan.
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<br />I. Use of Tax Increment.
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<br />Pursuant to §469.176, Subd. 4 of the TIF Act, all revenues derived from TIF District No. 6 shall
<br />be used in accordance with the Plan. The revenues shall be used to finance, or otherwise pay, the
<br />capital and administrative costs of development activities within the Development District as
<br />identified in the TIF Plan, subject to the lim/tations and conditions described in section K and L
<br />hereof. Further, each year the County Auditor will deduct. 1% of the tax increment collected from
<br />the TEF DisMct for deposit in the state general fund, which amount is appropriated to the state
<br />auditor to pay the costs of monitoring and auditing of tax increment districts.
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