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Subsection 2.7. Other Specific Development Expected to <br />occur within Development- District No. 2. <br />(As specific development is expected to occur, it will be <br />inserted in this Subsection.) <br />Subsection 2.8. Estimated Cost of Project. See <br />Subsection 1.5 of the Development Program for estimated costs <br />associated with Development District No. 2. <br />Subsection 2.9. Estimated Amount of Bonded Indebtedness. <br />It is anticipated that approximately $1,960,000 of bonded <br />indebtedness will be incurred with respect to this portion of <br />Development District No. 2 (see Development Program <br />Section 1.5). However, the City wishes to reserve the right to <br />pay for the public costs listed in Subsection 1.5 of the <br />Development Program as tax increments are generated and become <br />available, in lieu of issuing tax increment financing bonds. <br />Subsection 2.10. Sources of Revenue. Land Acquistion, <br />Demolition and Site Development and other costs outlined in <br />the Estimated Cost of Project (Subsection 2.8. above) will be <br />financed through the annual collection of tax increments. <br />Subsection 2.11. Estimated Recent Net Tax Capacity, <br />Future Net Tax Capacity and Captured Net Tax Capacity. The <br />most recent net tax capacity (the original net tax capacity) <br />of Tax Increment Financing District No. 2 -1 is estimated to be <br />$15,672. The estimated future net tax capacity is estimated <br />to be $91,593, the estimated captured net tax capacity is <br />estimated to be $75,921. <br />Subsection 2.12. Type of Tax Increment Financing <br />District. Tax Increment Financing District No. 2 -1 is, <br />pursuant to Minnesota Statutes, Section 469.174, Subd. 10, a <br />redevelopment district as defined below: <br />70% of the parcels in the area of Tax Increment <br />Financing District No. 2 -1 are occupied by <br />buildings, streets, utilities or other improvements <br />and 20% of the buildings are structurally <br />substandard and an additional 30% of the buildings <br />are found to require substantial renovation or <br />clearance in order to remove such existing <br />conditions as: inadequate street layout, <br />incompatible uses or land use relationships, <br />overcrowding of buildings on the land, excessive <br />dwelling unit density, obsolete buildings but <br />2 -4 <br />Page 28 <br />