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and underdeveloped property in the City and Development District No. 1. The revised cumulative uses <br />of tax increment funds is summarized in the following table: <br />USES OF FUNDS TOTAL <br />Land/Building Acquisition $9,595,000 <br />Site Improvements $1,500,000 <br />Utilities $3,370,000 <br />Other Qualifying Improvements $5,027,519 <br />Administration $980,000 <br />PROJECT COST TOTAL $20,472,519 <br />Interest $1,627,481 <br />PROJECT AND INTEREST COSTS TOTAL $22,100,000 <br />Estimated capital and administrative costs listed above are subject to change among categories <br />by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF <br />Plan, so long as the total capital and administrative costs combined do not exceed the total listed above. <br />Further, the City may spend tax increments from the District for activities (described in the table <br />above) located outside the boundaries of the District but within the boundaries of Development District <br />No. 1, subject to all other terms and conditions of this TIF Plan. <br />R. Estimate of Bonded Indebtedness <br />(AS MODIFIED DECEMBER 13, 2011) <br />The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax <br />increments from the District in a maximum principal amount of $20,472,519. Such bonds may be in <br />the form of pay -as -you go notes, revenue bonds or notes, general obligation bonds, or interfund loans. <br />This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan <br />as of the date of this Modification. <br />S. Original Tax Capacity <br />of: <br />(AS AMENDED NOVEMBER 24, 1998) <br />The Original tax capacity of all property within TIF District No. 2 is the valuatin as of January 2, 1985. <br />The County Auditor will increase or decrease the original tax capacity of the TIF District as a result <br />1. Change in the tax exempt status of property within the TIF District; <br />2. Reduction or enlargement of the geographic boundaries of the TIF District; <br />City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-9 <br />