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Each year, after the certification of the original tax capacity of the TIF District as a whole, the county auditor will increase or decrease the original tax capacity of TIF District No. 2 as a result of: 1. Change in the tax exempt status of property within the TIF District; 2. Reduction or enlargement of the geographic boundaries of the TIF District; 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; or o Change in the classification of property within the TIF District to a classification that has a different class rate. T. Estimate of Captured Tax Capacity and Tax Increment. The captured tax capacity and tax increment from TIF District No. 2 was described in the TIF Plan adopted June 30, 1986, and modified March 29, 1988. As of tax-payable year 1993, tax increment collected from TIF District No. 2 is estimated to be $197,681.03. Pursuant to §469.177, Subd. 2 of the TIF Act, it is found and declared that all of the captured tax capacity generated within TIF District No. 2 is necessary to finance or otherwise make permissible expenditures authorized by §469.176, Sub& 4 of the T~ Act. U. Duration of the TIF District. In accordance with §469.176, Subd. l(e) of the TIF Act, the City may continue to receive TIF payments until 25 years from the date of the receipt of the f-n-st increment. V. Estimate of Impact on Other Taxing Jurisdictions. The City ibelieves that this modification of the TIF Plan for TIF District No. 2 will not result in any fiscal impact on other taxing jurisdictions. The modification does not expand the boundaries of tile TIF District or anticipate additional captured tax capaci~3,. 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 any TIF District. The City expects that public improvements f'nuanced w/th 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. 2, see the original TIF Plan and subsequent modifications. W. Annual Financial Report. Pursuant to {}469.175, Subd. 6 of the TIF Act, the Ci{y must file an annual financial report regarding TIF District No. 2. The report shall be filed by July 1 of each year with the school board, the counD, board and the state auditor. The report shall include the following information: 1. The original tax capacity of TIF D/strict No. 2; 13