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