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iv <br />Tax Increment Financing District Overview <br />City of Little Canada <br />Tax Increment Financing District No. 6 -1 Modification <br />The following summary contains an overview of the basic elements of the Tax Increment Financing Plan <br />for 'fax Increment Financing District No. 6 -1. More detailed information on each of these topics can be <br />found in the complete Tax Increment Financing Plan. <br />Proposed action: Modification of Tax Increment Financing District No. 6 -1 (the "District ") and <br />the adoption of a modified Tax Increment Financing Plan. (the "TIF Plan ") <br />Modification to the Development Program for Development District No. 6 <br />includes the expansion of the boundaries of Development District No. 6 and the <br />modification of the District, which represents a continuation of the goals and <br />objectives set forth in the Development Program for Development District No. <br />6. <br />Type of TIF District: An existing redevelopment district <br />Property to be added 04.29.22.23.0007 04.29.22.23.00096 <br />to the District: The east thirty -three (E.33) feet of that part of the west 1/2 of the southwest 'A of' <br />the northwest'/ of Section 4, Township 29, Range 22 lying northerly of Labore <br />Road, according to the plat thereof on file and of record in the office of the <br />Registar of Deeds in and for Ramsey County. <br />Proposed The District is being modified to include an additional 2 parcels, adjacent <br />Modification: easement and adjacent and internal rights -of -way in order to facilitate the <br />construction of a total of 15 units of single family, owner - occupied housing <br />starting in 2013. <br />Maximum duration: The duration of the District will be 25 years after receipt of the first increment <br />by the City (a total of 26 years of tax increment). The District has not yet <br />received increment but expects its first payment in 2015. Thus, it is estimated <br />that the District, including any modifications of the TIF Plan for subsequent <br />phases or other changes, would terminate after December 31, 2041, or when the <br />TIF Plan is satisfied. The City reserves the right to decertify the District prior to <br />the legally required date. <br />Estimated annual tax Up to $104,870 <br />increment: <br />EHLERS <br />'*' LEADERS IN PUBLIC FINANCE <br />