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St. Anthony Housing & Redevelopment Authority Lowry Grove 8 Uses of Funds Currently under consideration for the District is a proposal to facilitate the construction of approximately 489 units of apartments, of which Phase I will consist of a 135-unit senior apartment with independent living, assisted living and memory care units. Phase II will consist of approximately 129 units of senior assisted living and Phase III will consist of approximately 225 units of market rate apartments. The HRA and City have determined that it will be necessary to provide assistance to the projects for certain District costs, as described. The HRA has studied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES Land/Building Acquisition 7,335,000$ Site Improvements/Preparation 3,000,000 Utilities 1,500,000 Other Qualifying Improvements 18,630,900 Administrative Costs (up to 10%)5,138,914 PROJECT COSTS TOTAL 35,604,814$ Interest 20,923,243 PROJECT AND INTEREST COSTS TOTAL 56,528,057$ The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in the Sources of Revenue section. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant to M.S., Section 469.1763, Subd. 2, no more than 25 percent of the tax increment paid by property within the District will be spent on activities related to development or redevelopment outside of the District but within the boundaries of Redevelopment Project Area No. 3, (including administrative costs, which are considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. Fiscal Disparities Election Pursuant to M.S., Section 469.177, Subd. 3, the HRA or City may elect one of two methods to calculate fiscal disparities. The HRA will choose to calculate fiscal disparities by clause b (inside). 12