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D. Development D|striet Program. <br /> <br /> The City created Development District No. 1 on August 27, 1985, and <br />modified the Program on June 30, 1986, August 12, 1986, June 9, 1987, August 11, <br />1987, March 29, 1988, April 26, 1988, July 26, 1988, November 14, 1989, and April <br />24, 1990. The City is not modifying the boundaries of the Development District at <br />this time, but the Program is being modified to update the development activities <br />planned or authorized within the Development District. <br /> <br />E. Description of TIF District. <br /> <br /> A legal description of the properties within TIF District No. 2 was included <br />in the TIF Plan adopted on June 30, 1986 and in the modification adopted on March <br />29, 1988. The City is not modifying the boundaries of TIF District No. 2 at this <br />time. A map of approximate boundaries of TIF District No. 2 is attached hereto as <br />Exhibit B. <br /> <br />F. Development District Contracts. <br /> <br /> Previous development contracts related to TIF District No. 2 are as <br />described in prior TIF Plans. No contracts have yet been executed for additional <br />development activity authorized by this TIF Plan modification. Agreements <br />regarding property within the Development District will be entered into in <br />accordance with Section 469.176, Subd. 5 of the TIF Act. No more than 25 <br />percent, by acreage, of the land within the Development District will be acquired <br />t-~y the City with bond proceeds without having concluded an agreement for <br />development or redevelopment of the property. <br /> <br />G. Classification of TIF District. <br /> <br /> In evaluating the characteristics of TIF District No. 2 in accordance with <br />the TIF Act, the City found that the district was a redevelopment district, <br />pursuant to Section 469.174, subd. 10(a)(2) of the TIF Act. A list of the parcels <br />used to meet the test for a redevelopment district was attached to the TIF Plan <br />adopted on June 30, 1986. The City likewise found that the parcel added to TIF <br />District No. 2 pursuant to the modification adopted March 29, 1988 met the test <br />specified in Section 469.174, subd. 10 (a)(2) of the TIF Act. The City reaffirms <br />these findings. <br /> <br />H. Modification of TIF Plan. <br /> <br /> The Plan for TIF District No. 2 may be modified by the City, provided that <br />any reduction or enlargement of geographic area of the TIF District, increase in <br />amount of bonded indebtedness to be incurred, including a determination to <br />capitalize interest on the debt if that determination was not a part of the original <br />plan, or to increase or decrease the amount of interest on the debt to be <br />capitalized, increase in the portion of the captured assessed value to be retained by <br />the City, increase in total estimated tax increment expenditures or designation of <br />additional property to be acquired by the City shall be approved upon the notice <br />and after such discussion, public hearing and findings as required for approval of <br />the original Plan. <br /> <br />7 <br /> <br /> <br />