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D. Tax Increment. When all of the proposed development is <br />completed and generating tax increment, the full tax <br />increment will be $85,974, assuming a static net tax <br />capacity rate and a valuation increased by zero (0) <br />percent compounded annually. <br />E. Projected Timing. The payment of the first full tax <br />increment from Tax Increment Financing District No. 2 -1 <br />will be received in 1992. <br />F. Capital Expenditures. Capital expenditures are a summary <br />of the items associated with the public costs set forth <br />in Subsection 2.8 and are to be financed from the <br />proceeds of the Bonds and /or tax increment receipts. <br />G. Bonded Indebtedness. It is estimated that approximately <br />$480,000 of bonded indebtedness may be incurred with <br />respect to the project located within Tax Increment <br />Financing District No. 2 -1. However, the City wishes to <br />reserve the right to pay for the public costs listed in <br />Subsection 1.5 of the Development Program as tax <br />increments are generated and become available in lieu of <br />issuing Tax Increment Bonds. <br />Subsection 2.16. Proposed Development Analysis. <br />Pursuant to Minnesota Statutes, Section 469.175, Subd. 1(7), <br />specific findings and analysis relating to the proposed <br />development in Tax Increment Financing District No. 2 -1 must <br />be identified. Exhibit II -C contains all information relating <br />to the determination that the proposed development in the <br />opinion of the City, would not reasonably be expected to occur <br />through private investment within the reasonably foreseeable <br />future, therefore, the use of tax increment is deemed <br />necessary. <br />Subsection 2.17. Tax Increment Financing Account for Tax <br />Increment Financing District No. 2 -1. The tax increment <br />received with respect to Tax Increment Financing District No. <br />2 -1 will be submitted to the City and segregated by the City <br />in a special account or accounts on its official books and <br />records or as otherwise established by resolution of the City. <br />Subsection 2.18. Modification of Tax Increment Financing <br />District No. 2 -1 and /or Tax Increment Financing Plan. Modi- <br />fications to this Tax Increment Financing Plan will be made in <br />accordance with the Act. <br />2 -6 <br />Page 25 <br />