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Mounds View Economic Development Authority Tax Increment Financing Plan for Tax Increment Financing District No. 5 2-8 USES OF FUNDS TOTAL Land/Building Acquisition $2,100,000 Site Improvements/Preparation $6,000,000 Public Utilities $600,000 Parking Facilities $3,000,000 Roads $500,000 Billboard Removal/Relocation $930,000 Demolition/Relocation $500,000 Interest $16,947,319 Administrative Costs (up to 10%) $2,122,681 PROJECT COSTS TOTAL $32,700,000 Interfund Loans $5,000,000 Transfers $5,000,000 TIF Note Principal $14,800,000 The above budget is organized according to the Office of State Auditor (OSA) reporting forms. It is estimated that the cost of improvements, including administrative expenses which will be paid or financed with tax increments, will equal $57,500,000 as is presented in the budget above. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant to the Special Legislation, Subd. 2, paragraph (d) provides that except as provided in paragraph (e), increments may only be expended within the area defined in the Special Legislation, Subd. 1, paragraph (b), and related to development occurring within the area defined in the Special Legislation, Subd. 1, paragraph (b), whether or not included in a tax increment financing district. Increments may only be spent on one or more of the following costs, improvements or activities: (1) acquisition and removal of existing billboards; (2) acquisition of land and easements, if the parcel is occupied by a building constructed before 1990; (3) sanitary sewer, sewer, and water improvements; (4) road improvements; (5) parking, including structured parking; (6) administrative expenses; (7) wetland mitigation; (8) soils correction; and (9) environmental cleanup. (As Modified February 13, 2006) Currently under consideration for the District is a proposal to facilitate development of an approximate 1,200,000 sq. ft. business campus for Medtronic, Inc. The EDA and City have determined that it will be necessary to provide assistance to the project for certain costs. The EDA has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and