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property in the District to be made in 1992, such amount will be the Original Tax <br /> Capacity. <br /> 3. Current Tax Capacity. The current Tax Capacity of property in <br /> the District is $ <br /> 4. Captured Tax Capacity-. It is expected that the Captured Tax <br /> Capacity of all taxable property in the District, upon completion of the renovation of <br /> the property in the Redevelopment Project Area in the District described in the <br /> Program (taxes payable in the District, will be$ , computed as <br /> follows: <br /> Estimated Tax Capacity. . . . . . . . . . . . . . . . . . . . . . . . $ <br /> at Completion <br /> Less Original Tax Capacity . . . . . . . . . . . . . . . . . . . . . <br /> at Completion <br /> Estimated Captured Tax . . . . . . . . . . . . . . . . . . . . . . . <br /> Capacity at Completion . . . . . . . . . . . . . . . . . . . . . . $ <br /> 5 Tax Increment Calculation. Assuming the anticipated <br /> renovation of the property in the Redevelopment Project Area occurs as described <br /> and provided in the Redevelopment Plan and Financing Plan, it is estimated that <br /> the Tax Increment to be received each year for the duration of the District will be as <br /> set forth in Exhibit E hereto. The estimated amount of Tax Increment set forth in <br /> Exhibit E is based upon a Tax Capacity Rate of 1.19410. <br /> 6. Duration of the District. It is estimated that the District will <br /> remain in existence until 25 years from the date of receipt by the HRA of the first <br /> Tax Increment from the District, or until the City's obligation to pay the Tax <br /> Increment Bonds and interest has been discharged in accordance with the Bond <br /> Resolution. <br /> 7. Use of Captured Tax Capacity and Tax Increment. Pursuant to <br /> Minnesota Statutes, Section 469.177, Subdivision 2, the City hereby determines that <br /> it will use 100% of the Captured Tax Capacity of property located in the District, and <br /> 100% of the Tax Increments to be derived therefrom, for the entire duration of the <br /> District. <br /> 8. Excess Tax Increment. The Tax Increment received from the <br /> District in any year not.needed to.pay debt service on the Tax Increment Bonds <br /> coming due on or before August 1 of the following year, shall be used first to reduce <br /> any ad valorem property tax levied pursuant to and in accordance with Minnesota <br /> w <br /> -9- <br />