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O. Parcels to,be Acquired Within the TIF District. It is not anticipated at the present time that the City will acquire property within the District, except to the extent such property is required for construction of public sweets and utilities. The tax increment received with respect to the TIF Districts within Development District No. 1 shall be segregated by the City in a special account on its official books and records or held by a trustee for the benefit of holders of bonds issued to finance development activities. Q. Estimate of Pro_iect Costs. In addition to previously-budgeted public costs, the City expects to provide assistance for the extension of City services and streets to the Sunfish Square Addition. The City also expects to fund construction of an extension of McKinley Street within TIF District No. 2, financed by tax increment from the Sunfish Square addition development and other parcels in the TIF District. Costs to be financed through tax increment are estimated as follows: Sunfish Square TOTAL Utility Systems Improvements Site Improvements $1,300,000.00 $152,040.00 $1,452,040.00 The City may allocate up to 10% of total tax increment expenditure to administrative expenses. Further, proceeds of any bonds issued to finance the above costs may include an amount allocated to capitalized interest wh/ch will be determined at the time of bond issuance. R. Estimate of Bonded Indebtedness. In addition to any bonds previously issued or authorized in connection with TIF District No. 2, the City may issue bonds supported in part by tax increment from TIF District No. 2, in an amount not to exceed $1,300,000.00. The amount that may be issued in bonds includes ali of the costs associated with the issuance. The City intends to internally finance the approximately $I52,040.00 budgeted for site improvements to be repaid from tax increment S. Original Tax Capacity. The original tax capacity of TIF District No. 2 was described in the TIF Plan adopted June 30, 1986, and modified March 29, 1988 (expressed as "original assessed value" under the property tax system in effect at the time). The original tax capacity of the Sunfish Square Addition parcel within TIF District No. 2 (PIN 26-32-25-33-0001) is $14,184, reflecting the value as determined by the Anoka County Auditor on January 2, 1985. Each year the County Auditor will measure the increase or decrease in the tax capacity of the Sunfish Square Addition parcel. Any year which the total tax capacity of the parcel exceeds the original tax capacity, as adjusted, an increment will be generated from that parcel. Any year in which the tax capacity is below the original tax capacity, no tax capacity will be captured and no increment will be payable to the City from that parcel. Each year after the certification of the original tax capacity of the TIF District as a whole, I I I I I I ! I I i I I I I I I I i I