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Mounds View Economic Development Authority Tax Increment Financing District No. 1-7 (Skyline Apartments) 7 budgeted cost without a formal TIF Plan Modification. This provision does not obligate the EDA or City to incur debt. The EDA or City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The EDA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $4,270,374. Such bonds may be in the form of pay-as-you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. USES OF FUNDS Currently under consideration for the District is a proposal to facilitate construction of 120 units of affordable rental housing. The EDA and City have determined that it will be necessary to provide assistance to the project(s) for certain District costs, as described. The EDA has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES Land/Building Acquisition 1,550,000$ Site Improvements/Preparation 500,000 Affordable Housing 1,400,000 Utilities 250,000 Other Qualifying Improvements 76,287 Administrative Costs (up to 10%)494,087 PROJECT COSTS TOTAL 4,270,374$ Interest 1,164,814 PROJECT AND INTEREST COSTS TOTAL 5,435,188$ The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in the Sources of Revenue section.