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21 • project or portion of a project in which there is reasonably distributed throughout the district parcels consisting of 70% of the area in the district which are occupied by buildings, streets, utilities or other improvements and more than 50% of the buildings (not including outbuildings) are structurally substandard to a degree requiring substantial renovation or clearance. Based upon a report of Tom Goodoien, Consulting, Bloomington, Minnesota attached hereto as Exhibit C, the HRA believes the District is a "redevelopment district" since the conditions set forth in the preceding paragraph are satisfied with respect to the District. 2. Original Tax Capacity. The Tax Capacity of all taxable property in the District as most recently certified by the Commissioner of Revenue of the State of Minnesota, being the certification made in 2000 with respect to the Tax Capacity of such property as of January 2, 2000, is $150,894. Since the request for certification of the Original Tax Capacity is expected to be filed after June 30, 2000 and prior to June 30, 2001, it is expected that such amount will be the Original Tax Capacity. 3. Current Tax Capacity. The current Tax Capacity of the property in the District is $150,894. 4. Captured Tax Capacity. It is expected that the Captured Tax Capacity of all taxable property in the District,upon completion of the renovation of the property in the District described in the Redevelopment Plan (taxes payable in 2004) in the District, will be $508,468, computed as follows: • Estimated Tax Capacity at Completion $659,362 Less Original Tax Capacity at Completion 150,894 Estimated Captured Tax Capacity at Completion $508,468 5. Tax Increment Calculation. Assuming the anticipated renovation of the property in the Redevelopment Project Area occurs as described and provided in the.Redevelopment Plan and Financing Plan, it is estimated that the Tax Increment to be received each year for the duration of the District will be as set forth in Exhibit D hereto. The estimated amount of Tax Increment set forth in Exhibit D is based upon a Tax Capacity Rate of 140.142%. 6. Duration of the District. It is estimated that the District will remain in existence until 25 years from the date of receipt by the HRA of the first Tax Increment from the District, or until the City's obligation to pay the Tax Increment Bonds and interest has been discharged in accordance with the Bond Resolution. 7. Use of Captured Tax Capacity and Tax Increment. Pursuant to Minnesota Statutes, Section 469.177, subdivision 2, the City hereby determines that it will use 100% of the Captured Tax • -7-