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I I I I I I I I I I I I I I I I I Subsection 2.6. Other Specific Development Expected to Occur within Development District No. 1. [As specific development is expected to occur, it will be inserted in this Subsection.] Subsection 2.7. Estimated Cost of Project. See Subsec- tion 1.5 of the Development Program for estimated costs associated with Development District No. 1. Subsection 2.8. Estimated Amount of Bonded Indebted- ness. It is anticipated that $ of bond indebtedness will be incurred with respect to this portion of Development District No. 1. Subsection 2.9. Sources of Revenue. Public improvement costs, acquisition, and site preparation costs and other costs outlined in the Estimated Cost of Project (Subsection 2.7 above) will be financed through the annual collection of tax increments as described below and land sales. Subsection 2.10. Estimated Captured Assessed Value and Estimate of Tax Increment. The most recent assessed value (the original assessed value) of Tax Increment Financing District No. 1 is estimated to be $29,858. The estimated captured assessed value of Tax Increment Financing District No. 1 at completion is estimated to be $1,728,954. Subsection 2.11. Type of Tax Increment Financing Dis- trict. Tax Increment Financing District No. 1 is, pursuant to Minnesota Statutes Section 273.73, Subd. 10(3), a rede- velopment district as defined below: "...Less than 70 percent of the parcels in the district are occupied by buildings, streets, utili- ties or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for develop- ment, excluding costs directly related to roads as defined in section 160.01 and local improvements as described in section 429.021, subdivision 1, clauses 1 to 7, 11 and 12, and section 430.001, if any, exceeds its anticipated fair market value after completion of said preparation; provided that no parcel shall be included within a redevelopment 2 - 7