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PART D <br />Tax Increment Redevel mart Distr[ct No. 1 Finance Plan <br />A. Statutory Authority <br />The City of Mounds View is authorized to establish a tax increment district <br />pursuant to Minnesota Statutes, Section 273.71-78. <br />B. Statement of Objectives <br />See Part 1, Section F, Subsection 1 of this report. <br />C. Development Program <br />1. Description of Development Activities <br />The development program will consist of a 231,000 square foot <br />office/service center, 481,000 square foot warehouse and 4,000 <br />square foot restaurant. As such, a four -phased ccnstruction buiidout <br />of new commercial/industrial development approximating 716,000 <br />squawith ra portion of he public improvementl commence 197. The dcosts passisteder will be <br />in addition to land <br />acquisition costs through tax Increments generated aj a result of <br />these developments. <br />2. Development Activities Covered by Contracts <br />There are no development activities under contract at the present <br />time. <br />3. Other Development Not Under Contract Reasonably Expected to <br />occur in the Project <br />As a part of the City's overall revitalization program within the <br />redevelopment district, the development program provides for future <br />new construction of other commercial/industrial projects witDir•. the <br />development district area. The future development would be <br />dependent upon the Availability of public funds. <br />4. Also, see Part 1, Section F of this report. <br />D. Descrlption of Property in the Tax increment Financing District <br />The tax increment financing district encompasses the parcels in the <br />redevelopment district identified In Appendix C. <br />E. Classification of the Tax Increment Financing District <br />The City Council of the City of Mounds View, Minnesota, in <br />determining the need for a tax increment financing district in <br />Accordance with Minnesota Statutes, Sections 273.71-273.78 <br />