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Each year after the certification of the original tax capacity, the county auditor will increase or decrease the original assessed value of property within TIF District No. 4 as a result of: 1. Change in the tax exempt status of the property; 2. Reduction or enlargement of the geographic boundaries of the District; or o Reduction of valuation by means of a court-ordered abatement, stipulation agreement, voluntary abatement made by the assessor or auditor, or by order of the Minnesota Commissioner of Revenue. T. Estimate of Captured Tax Capacity. Pursuant to §469.I74, Subd. 4 and §469.177, Subd. 2 of the TIF Act, the estimated captured tax capacity of TIF District No. 1 will be $9,026,850 as of January 2, 1991. The captured tax capacity was estimated in the following manner: Assessed Value as of January 2, 1991 $ 9,103,636 Original Assessed Value $ 76,746 Captured Assessed Value $ 9,026,850 Pursuant to §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured assessed value generated by TIF District No. 1 is necessary to finance, or otherwise make permissible, expenditures authorized by §469.176, Subd. 4 of the TIF Act. U. Duration of the TIF District. In accordance with {}469.176, Subd. 1 of the TIF Act, the City may continue to receive TIF payments until 25 years from the date of the receipt of the fn-st increment. V. Estimate of Impact on Other Taxing Jurisdiction. The City believes that this modification of the TIF Plan for TI:F District No. 1 will not result in any fiscal impact on other taxing .jurisdictions. The modification does not expand the boundaries of the TIF District or anticipate additional captured tax capacity. Rather, the modification authorizes additional expenditures of tax increment currently being collected from the TIF District. Most of the proposed expenditures relate to public improvements located in the Development District but not in an3, TEF District. The City expects that pubtic improvements financed with tax increment may stimulate additional development within one or more TIF Districts in the future, .but any increases in captured tax capacity and their impact on other jurisdictions cannot be estimated at this time. For previous estimates of the impact of TIF District No. 1, see the original TIF Plan and subsequent modifications. W. Annual Financial Report. Pursuant to §469.175, Subd. 6 of the TIF Act, the City must file an annual financial report regarding TIF District No. 1. The report shall be filed by July 1 of each year with the school board, the county board and the state auditor. The report to be filed by the City shall include the following information: 13