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St. Anthony Housing & Redevelopment Authority Lowry Grove 4 Tax Increment Financing Plan for the Lowry Grove Foreword The St. Anthony Housing & Redevelopment Authority (the "HRA"), the City of St. Anthony (the "City"), staff and consultants have prepared the following information to expedite the Establishment of the Lowry Grove TIF District (the "District"), a redevelopment tax increment financing district, located in Redevelopment Project Area No. 3. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the HRA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.001 - 469.047, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Modification to the Development Program for Redevelopment Project Area No. 3. Statement of Objectives The District currently consists of two parcels of land and adjacent roads and internal rights-of- way. The District is being created 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 anticipates entering into an agreement with Development 65 for the Phase I development and development is anticipated to begin in the spring of 2021. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Redevelopment Project Area No. 3. The activities contemplated in the Modification to the Development Program and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Redevelopment Project Area No. 3 and the District. Development Program Overview Pursuant to the Development Program and authorizing state statutes, the HRA or City is authorized to undertake the following activities in the District: 1. Property to be Acquired - Selected property located within the District may be acquired by the HRA or City and is further described in this TIF Plan. 8