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SECTION I <br />MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 12 <br />INTRODUCTION <br />(As Modified November 13, 2000) <br />a v <br />The following is a modification to the ax Increment Redevelopment Plan (the "Plan") for Tax <br />IncrementDistric6 [o. Generally,ther re no substantive modifications tothe Tax Increment Plan <br />for Tax Increment Financing District The purpose of the modification is to attempt to bring <br />the Plan into compliance with the Office of the State Auditor requirements as they are understood at <br />this point in time. The following subsections are being modified in an attempt to clarify the Plan and <br />clarify and restate the budgets in the Office of the State Auditor's required format. <br />D. Description of Property in the Tax Increment Financing District No. 2 <br />The modification affects no change in the geographical boundaries of Tax Increment Financing <br />District No. 2. <br />G. Estimate of Costs <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 `B", Budget History and Estimate of Project Costs. <br />H. Estimated Amount of Loan/Bonded Indebtedness <br />(As Modified November 13, 2000) <br />The City reserves the right to incur bonded indebtedness or other indebtedness as a result of the <br />Modified Plan. The projects have been financed by bond issues, inter -fund loans and transfers. <br />Additional indebtedness may be required to finance other authorized activities. The total <br />principal amount of bonded indebtedness or other indebtedness related to the use of tax <br />increment financing will not exceed -$36,000,000 without a modification to the Plan pursuant to <br />applicable statutory requirements. <br />See Appendix `B" of this Plan. <br />I. Sources of Revenue <br />(As Modified November 13, 2000) <br />The principal source of revenue to be used to finance public costs associated with the projects <br />in the redevelopment project is tax increment financing. The. City reserves the right to use <br />other sources of revenue legally applicable to the Modification to the Municipal Development <br />District Plan and the Modified Plan, including, but not limited to, general property taxes, state <br />aid for road maintenance and construction, proceeds from the sale of land, other contributions <br />from the developer, investment income, and undesignated municipal funds to pay for the es - <br />City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 2 1-2 <br />