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~EHLERS E ASSCCIAT ES INC Ehlers & Associates, Inc. City of Mounds View Modification of Tax Increment Financing District No. 5 Overview The following summary contains an overview of the basic elements of the Modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 5. More detailed information on each of these topics can be found in the complete TIF Plan. Proposed action: Modification to the Project Plan for the Mounds View Economic Development Project and the Plan for Tax Increment Financing District No. 5. Generally, the substantive changes include a budget increase for Phase II which is being considered to be constructed with Phase I of the Project. Type of TIF District: A special legislation economic development district Parcel Numbers: No changes to the District boundary are being made with this modification. Proposed The Plan is being modified to facilitate development of Phases I and II of a Development: business campus for Medtronic, which includes approximately 1,200,000 s.f. of office space in the City of Mounds View. Please see Appendix A for further project information. Maximum duration: The duration of the District will be 25 years from the date of receipt of the first increment (26 years of increment). The date of receipt of the first tax increment is expected to be 2008. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2033, or when the TIF Plan is satisfied. Fiscal Disparities The City will choose to -calculate fiscal disparities by clause b (inside the Election: District}. Estimated annual tax The original annual increment was estimated to be up to $1,874,119. With the increment: addition of Phase R, the annual increment is estimated to be up to $2,756,126.