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,I <br />i' Subsection 2.6. ~Other Specific Development Expected to <br /> Occur within Development DiStrict No. 1. <br />!' · [As specific development is expected to occur, it will <br /> be inserted in this Subsection.] <br /> <br /> Subsection 2.7. Estimated Cost of Project. See Subsec- <br />tion 1.5 of the Development Program for estimated costs <br />associated with Development District No. 1. <br /> <br /> Subsection 2.8. Estimated Amount of Bonded Indebted- <br />ness. It is ~nticipated that $1,610,000 of bond indebth <br />e--~-n~ss will be ~ncurred with respect to this portion of De- <br />velopment District No. 1. <br /> <br /> Subsection 2.9. Sources of Revenue. Public improvement <br />costs, acquisition, and site preparation costs and other <br />costs outlined ~n the Estimated Cost of Project (Subsection <br />2.7 will be financed through the annual collection of <br /> above) <br />tax increments as described below and land sales. <br /> <br />i Subsection 2.10. Estimated Captured Assessed Value and <br /> Estimate of Tax Increment. The most recent assessed value <br /> {the original assessed value) of Tax Increment Financing <br />I District No. 1 is estimated to be $29,858. <br /> The estimated captured assessed value of Tax Increment <br />I Financing District No. 1 at completion is estimated to be <br /> $1,728,954 <br /> - <br /> <br />i Subsection 2.11. Type of Tax Increment Financing Dis- <br /> trict. Tax Increment Financing District No. 1 is, pursuant <br /> to Minnesota Statutes Section 273.73, Subd. 10(3), a rede- <br /> velopment district as defined below: <br />I "...Less than 70 percent of the parcels in the <br /> district are occupied by buildings, streets, utili- <br />I ties or other improvements, but due to unusual <br /> terrain or soil deficiencies requiring substantial <br /> <br /> filling, grading or other physical preparation for <br />I use at least 80 percent of the total acreage of <br /> such land hasa fair market value upon inclusion in <br /> the redevelopment district which, when added to the <br /> <br />i estimated cost of preparing that land for develop- <br /> ment, excluding costs directly related to roads as <br /> defined in section 160.01 and local improvements as <br /> described in section 429.021, subdivision 1, <br />I clauses 1 to 7, 11 and 12, and section <br /> 430.001, <br /> if <br /> any, exceeds its anticipated fair market value <br /> <br />after completionof said preparation; provided that <br />no parcel shall be included within a redevelopment <br /> <br />2 - 7 <br /> <br /> <br />