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Project. Pursuant to the Redevelopment Project, the HRA will assist with the <br /> renovation of the Project Area. Pursuant to the Redevelopment Project, the HRA <br /> and City will either directly or through financial assistance to third parties assist in <br /> the land acquisition, demolition of existing buildings, renovation or remodeling of <br /> existing building and construction of public improvements which are necessary to <br /> meet the needs specified in paragraph A. Such Redevelopment Project is expected <br /> to occur over a number of years due to the nature of the property in the Project Area <br /> and the continuing evolution and changes which are expected to occur with respect <br /> to retail shopping facilities. <br /> III. TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br /> FINANCING DISTRICT NO. 3 - RAMSEY COUNTY <br /> A. Statement of Objectives and Redevelopment Project. <br /> See paragraphs B and C of the Redevelopment Plan. <br /> B. Property To Be Included in Tax Increment District. <br /> The Parcels located in the City of St. Anthony, Ramsey County, <br /> Minnesota set forth on Exhibit B shall constitute the Parcels in the District, such <br /> Parcels are the same Parcels initially included. in the Redevelopment Project Area. <br /> C. Estimated Public Redevelopment Costs, Property to be Acquired, <br /> Contracts and Development Expected to Occur. <br /> 1. Capital Proceeds. The capital proceeds of the project, comprising <br /> the proceeds of sale of any land acquired by the HRA or the City to private <br /> developers, are expected to be $0.00. <br /> 2. Public Redevelopment Costs. The present estimate of Public <br /> Redevelopment Costs are expected to be as set forth on Exhibit C. plus interest to be <br /> paid on the Tax Increment Bonds during their term (other than interest paid from <br /> the proceeds of the Tax Increment Bonds). In addition, the HRA may use Tax <br /> Increment to pay for additional Public Redevelopment Costs necessary to maintain <br /> the Shopping Center once the anticipated renovation is completed. Such use of Tax <br /> Increment is not expected to occur for at least ten (10) years and is not expected to. <br /> exceed $750,000, and the use of Tax Increment for this purpose is authorized hereby. <br /> 3. Property to be Acquired. The HRA or City does not expect to <br /> directly acquire land in carrying out the Redevelopment Project. However, it is <br /> expected that it will provide financial assistance to the acquisition of land by third <br /> parties on which improvements will be constructed. . <br /> -6- <br />