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Subsection 1 -5. Parcels in Acquisition. The City may <br />acquire and reconvey the parcels identified in Section I, <br />Subsection 1.4. <br />The following are conditions under which properties now <br />designated to be acquired may be acquired at a future date: <br />(1) The City may acquire property by gift, dedication, <br />condemnation or direct purchase from willing sellers in <br />order to achieve the objectives of the tax increment <br />financing plan; and <br />(2) Such acquisitions will be undertaken only when there is <br />assurance of funding to finance the acquisition and <br />related costs. <br />Subsection 1.6. Development Activity in Tax Increment <br />Financing District No. 4 for which Contracts will be Signed. The <br />following contracts will be entered into by the City of Little <br />Canada and the persons named below: <br />A Development Agreement will be executed between the City of <br />Little Canada and EMC Corporation. <br />Subsection 1.7. Other Specific Development Expected to <br />occur within Development District No. 4. <br />(As specific development is expected to occur, it will be <br />inserted in this Subsection.) <br />Subsection 1.8. Estimated Cost of Project. The estimated <br />costs of the land acquisition, site improvements and public <br />improvements to be made within Development District No. 4 and <br />financed by tax increments will be derived from the Tax Incre- <br />ment Financing Districts within Development District No. 1. <br />(Tax Increment Financing District No. 4) <br />Acquisition, Site Improvements and <br />Public Improvements $ 690,000 <br />Administration 20,000 <br />Professional Services 5,000 <br />SUBTOTAL $ 715,000 <br />Capitalized Interest 165,000 <br />Discount 5,000 <br />TOTAL BOND ISSUE $ 895,000 <br />1556 <br />1 -4 <br />Page 34 <br />