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after May 1, 1988. Therefore, this provision does not apply to this modification. *(The figures contained herein are based upon 1988 payable 1989 original assessed values). (AS MODIFIED MARCH 26, 1990) Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section 467.177, Subdivision 1, the Original Tax Capacity Value (OTV) for the City of Mounds View tax increment financing redevelopment district Modification No. 2 is based on the value placed on the property by the County Assessor in 1989. This tax capacity value is $21,322. Each year the Office of the County Auditor will measure the amount of increase or decrease in the total assessed value of the tax increment redevelopment district to calculate the tax increment payable to the Mounds View redevelopment district fund. In any year in which there is an increase in total assessed valuation in the tax increment redevelopment district above the adjusted original assessed value, a tax increment will be payable. In any year in which the total assessed valuation in the tax increment financing redevelopment district declines below the original assessed valuation, no assessed valuation will be captured and no tax increment will be payable. K. Estimated Captured Assessed Value Pursuant to Minnesota Statutes, Section 273.74, Subdivision 1 and Minnesota Statutes, Section 273.76, Subdivision 2, the estimated Captured Assessed Value (CAV) of the tax increment financing redevelopment district will annually approximate $10,516,892 as a result of the project. This amount will be captured for up to twenty-five years or until the project debt is retired. The City requests 100 percent of the available increase in assessed value for repayment of debt and current expenditures. (AS MODIFIED JUNE 12, 1989) Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Minnesota Statutes, Section 469.177, Subdivision 2, the estimated Captured Tax Capacity Value (CTV) of the tax increment financing redevelopment district Modification No. 2 will annually range approximate $360,000 to $420,000 as a result of the project. This amount will be captured for the remaining life of the District. (AS MODIFIED MARCH 26, 1990) Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Minnesota Statutes, Section 469.177, Subdivision 2, the estimated Captured Tax Capacity Value (CTV) of the tax increment financing redevelopment district Modification No. 2 will annually approximate $450,000 as a result of the project. This amount will be captured for the remaining life of the District. L. Duration of the District Pursuant to Minnesota Statutes, Section 273.75, Subdivision 1, the duration of the tax increment district within the Development District must be indicated within the finance plan. The duration of the tax increment district will be 25 years from the date of receipt of City of Mounds View TIF District No. 1 Modification 121 P a g e