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APPENDIX A <br />PROJECT DESCRIPTION <br />Tax Increment Financing District No. 6 -1 is intended to enable the redevelopment of a 4.8 -acre parcel of land <br />that presently consists of a single family home, a detached garage, and another detached out - building into 9 <br />new single family home sites. The buildings that occupy the site have been found to be in substandard <br />condition as documented in the Building Official's Report on TIF District Qualification Criteria. <br />To assist the developer in acquiring the property, the City has contributed 50% of the purchase price to write- <br />down the cost of the land. <br />TIF will be used to reimburse the City for its share of the land costs previously acquired by the developer as <br />outlined in the Cooperative Development Agreement dated December 1, 2008. The amount of assistance can <br />be adjusted to account for decreases in the actual development costs or increases in the actual sales prices from <br />what was originally estimated. <br />(AS MODIFIED APRIL 10, 2013) <br />The District is being modified to include an additional 2 parcels and adjacent easement property, and <br />adjacent and internal rights -of -way in order to facilitate the construction of a total of 15 units of single <br />family, owner - occupied housing. <br />APPENDIX A -1 <br />