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G. Estimate of Costs <br />The public costs associated with this project are outlined hi Appendix "D", Project Costs. It <br />is expected that the public costs will be financed by the City. <br />(AS MODIFIED NOVEMBER 13, 2000) <br />The budget history and estimate of authorized public costs associated with this project are <br />outlined in Appendix "D", Estimate of Project Costs. <br />H. Estimated Amount of Indebtedness <br />See Appendix "D" of this Plan. <br />(AS MODIFIED NOVEMBER 13, 2000) <br />The City reserves the right to incur bonded indebtedness or other indebtedness as a result of <br />the Modified Plan. The projects have been financed by bond issues, inter -fund loans and <br />transfers. Additional indebtedness may be required to finance other authorized activities. <br />The total principal amount of bonded indebtedness or other indebtedness related to the use <br />of tax increment financing will not exceed $36,000,000 without a modification to the Plan <br />pursuant to applicable statutory requirements. <br />See Appendix B of this Plan. <br />Sources of Revenue <br />The principle source of revenue to be used to finance public costs associated with the <br />projects in the redevelopment project is tax increment financing. Tax increment financing <br />refers to a funding technique that utilizes increases in assessed valuation and the property <br />taxes attributed to new development to finance, or assist in the financing of public <br />development costs. See Appendix "E" for Revenue Projections. The City may from time to <br />time utilize other revenue sources to finance public costs. <br />(AS MODIFIED NOVEMBER 13, 2000) <br />The principle source of revenue to be used to finance public costs associated with the <br />projects in the redevelopment project is tax increment financing. The City reserves the right <br />to use other sources of revenue legally applicable to the Modification to the Municipal <br />Development District Plan and the Modified Plan, including, but not limited to, general <br />property taxes, state aid for road maintenance and construction, proceeds from the sale of <br />land, other contributions from the developer, investment income, and undesignated <br />municipal funds to pay for the estimated public costs. <br />Appendix B includes a detailed estimate of the Sources of Revenue being authorized for the <br />District. <br />City of Mounds View TIF District No. 2 Modification 7 1 P a g e <br />