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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-1 SECTION II - TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5 Subsection 2-1. Foreword The Mounds View Economic Development Authority (the "EDA"), the City of Mounds View (the "City"), staff and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 5 (the "District"), an economic development tax increment financing district established under the 2005 Laws of Minnesota, Chapter 152, Article 2, Section 26, located in the Mounds View Economic Development Project. Subsection 2-2. Statutory Authority Within the City, there exists areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the EDA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.090 to 469.1082, inclusive, as amended, and M.S., Sections 469.174 to 469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 5. Other relevant information is contained in the Modification to the Project Plan for the Mounds View Economic Development Project. Subsection 2-3. Statement of Objectives The District currently consists of five parcels of land and adjacent and internal rights-of-way. The District is being created to facilitate development of Phase I of a business campus for Medtronic, which includes approximately 820,000 s.f. of office space in the City of Mounds View. Please see Appendix A for further project information. A Developer Agreement has been authorized, contingent on the approval of the proposed TIF Plan and establishment of Tax Increment Financing District No. 5. Development is likely to begin in 2005. This TIF Plan is expected to achieve many of the objectives outlined in the Project Plan for the Mounds View Economic Development Project. The activities contemplated in the Modification to the Project Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of the Mounds View Economic Development Project and the District. (As Modified February 13, 2006) The District originally consisted of five parcels of land and adjacent and internal rights-of-way. The District was created to facilitate development of Phase I of a business campus for Medtronic and is being modified to include Phases I and II, 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. A Developer Agreement has been entered into and may be ammended, contingent on the approval of the proposed Modification to Financing District No. 5. Development is likely to begin in 2006. This TIF Plan is expected to achieve many of the objectives outlined in the Project Plan for the Mounds View Economic Development Project. This modification does not increase the boundaries of the District. The activities contemplated in the Modification to the Project Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of the Mounds View Economic Development Project and the District.