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<br /> <br /> <br />Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly Advisory <br />Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an <br />alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of <br />which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm and provides <br />assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting <br />services to their clients and are not licensed CPA firms. ©2024 Baker Tilly Municipal Advisors, LLC. <br /> <br />TABLE OF CONTENTS <br /> <br /> <br />Section Page(s) <br />A. Definitions .......................................................................................................... 1 <br />B. Statutory Authorization ...................................................................................... 2 <br />C. Statement of Need and Public Purpose ............................................................ 2 <br />D. Statement of Objectives .................................................................................... 2 <br />E. Designation of Tax Increment Financing District as a Housing District ............. 2 <br />F. Duration of the TIF District ................................................................................. 3 <br />G. Property to be Included in the TIF District ......................................................... 3 <br />H. Property to be Acquired in the TIF District ........................................................ 4 <br />I. Specific Development Expected to Occur Within the TIF District ....................... 4 <br />J. Findings and Need for Tax Increment Financing ............................................... 4 <br />K. Estimated Public Costs ...................................................................................... 5 <br />L. Estimated Sources of Revenue ......................................................................... 6 <br />M. Estimated Amount of Bonded Indebtedness..................................................... 6 <br />N. Original Net Tax Capacity ................................................................................. 6 <br />O. Original Tax Capacity Rate ............................................................................... 7 <br />P. ... Projected Retained Captured Net Tax Capacity and Projected Tax Increment 7 <br />Q. Use of Tax Increment ........................................................................................ 8 <br />R. Excess Tax Increment ....................................................................................... 9 <br />S. Tax Increment Pooling and the Five-Year Rule ................................................ 9 <br />T. Limitation on Administrative Expenses .............................................................. 9 <br />U. Limitation on Property Not Subject to Improvements - Four Year Rule ............ 10 <br />V. Estimated Impact on Other Taxing Jurisdictions ............................................... 10 <br />W. Prior Planned Improvements ............................................................................. 11 <br />X. Development Agreements ................................................................................. 11 <br />Y. Assessment Agreements .................................................................................... 11 <br />Z. Modifications of the Tax Increment Financing Plan ........................................... 12 <br />AA. Administration of the Tax Increment Financing Plan ........................................ 12 <br />AB. Financial Reporting and Disclosure Requirements ........................................... 13 <br /> <br /> <br />Map of the Tax Increment Financing District and Project Area ............................... EXHIBIT I <br />TIF District Assumptions Report ............................................................................. EXHIBIT II <br />Projected Tax Increment Report ............................................................................. EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ......................................... EXHIBIT V