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Northland Securities Services October 25, 2013 Page 3 of 4 3. Estimated Sources of Revenue. Prepare updated TIF projections for each area and update overall TIF district model to determine TIF available to pay public costs, both incurred and obligated. Analysis will consider the financial impact of the following: a. Four-year knock down rule (TIF Plan anticipates the City seeking special legislation for exemption from the four-year rule) . b. Five-year rule (extended to ten years under special legislation). 4. Parcel Review. An analysis of parcels within the district will be completed to determine the financial impact (i.e., potential loss of tax increment revenue and increase in general tax base) of removal of certain parcels. The four-year rule analysis from Task 3 above will provide input and inform this review for Task 4. 5. Fiscal Disparities. Provide an analysis of impacts of changing the fiscal disparities election to inside the district. a. Analysis will provide an estimate of the reduction in estimated tax increment to be collected within the District, should the fiscal disparities election be changed - requiring tax capacity from within the District to contribute to the fiscal disparities pool. 6. Meeting to Review Results of Phase I. Meet with City staff to review the analysis and results from Phase I. a. Memorandum with conclusions and recommendations will be prepared with analysis (reports) included as attachments. Phase II 7. Special Legislation. Prepare analysis and drafting of potential special legislation the City may need for the TIF District. a. City received special tax increment financing legislation, Session Laws 2010, Chapter 389. b. Adopted TIF Plan states the City proposes to seek special legislation for an exemption from or redefinition of the requirements of the four-year rule. c. Analysis will inform the discussion about special legislation and what other considerations may be of benefit and necessary for the District to meet its objectives. 8. Presentation to City Council/HRA. Northland will attend a meeting with the City Council/HRA to overview findings and facilitate discussion on options. The proposed scope of services includes three meetings; other meetings and services will be defined and added at the direction of the City.