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v� F. Parcels in Acquisition <br />1 <br />1. Propc� -i identified for acquisition may be acquired by the City in <br />order to accomplish v.., or more of the following: remove, prevent, <br />or reduce blight, blighting factors, causes of blight, or the spread of <br />blight and deterioration; to eliminate unhealthful, unsafe, and <br />unsanitary structures and conditions; reduce traffic hazards; pruvide <br />land for neede- Elie streets; utilities, and facilities; remove <br />incompatible land use, correct soil problems, eliminate obsolete or <br />detrimental uses; assemble land for redevelop men;; carry out <br />clearance and/or redevelopment to accomplish the uses and <br />objectives set furth in this plan. <br />2. Prq;erties so identified include the following parcels. <br />See Appendix "F", Acquisition Parcels <br />3. Conditional Acquisition , <br />Parcels may be acquired by the City should they become necessary <br />for future redevelopment with the Condition that there Is sufficient <br />tax increment to finance the costs associated with the acquisition of <br />these parcels. See Appendix "F" for conditio^al acquisition parcels. <br />G. Estimate of Costs <br />The public costs associated with this project are outlined in Appendix "D", <br />Project Costs. It is expected that the public costs will be financed by the <br />City. <br />H. Estimated Amount of Indebtedness <br />�. <br />a <br />See Appendix "D" of this Plan. <br />.,r <br />I. Sources of Revenue <br />The principle source o, revenue to be used to finance public costs associated <br />with the projects in the redevelopment project is tax increment financing. <br />Tax increment financing refers to a funding technique that utilizes increases <br />In assessed valuation and the property taxes attributed to new development <br />to finance, nr assist in the financing of public development costs. See <br />A.nnpnt is "E" for Revenue Projections. The City may from time to time <br />utilize other revenue sources to finance public costs. <br />J. Original Assessed Value <br />Pursuant to Minnesota Statutes, Section 469.175, Subdivision 1 and Section <br />469.177, Subdivision 1, the Original Assessed Value (OAV) for the City of <br />Mounds View tax increment financing redevelopment district Is based on th.: <br />value placed on the property by the County Assessor in 1987. This assessed <br />value is $710,000. Each year the Office of t`.e County Auditor will <br />