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2, Reduction or enlargement of the geographic boundaries of the District; or 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 Assessed Value. Pursuant to {}469.175, Subd. I and {}469.177, Subd. 2 of the TIF Act, the estimated captured assessed value of TIF District No. 4 will be $15,075 after January 2, 1989. The captured assessed value was estimated in the following manner: Assessed Value on January 2, 1989 $ 1,030,351 Original Assessed Value $ 1,015,276 Captured Assessed Value $ 15,075 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. 4 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 accord~ce 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 first increment. V. Estimate of Impact on Other Taxing Jurisdiction. The City :believes that this modification of the TIF...Plan for TIF District No. 4 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 any TI:F District. The City expects that public 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 Distr/ct No. 4, 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. 4. 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: 1. The ori~nal assessed value of TIF District No. 4; The captured assessed value of TIF District No. 4, including the amount of any captured assessed value shared with other taxing districts; 13