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Development District. A small amount of additional property, <br /> along with necessary permanent and temporary easements, will be <br /> acquired in the Development District for proposed water and <br /> sanitary sewer improvements. The specific property to be <br /> acquired has not yet been identified. <br /> <br /> All of the property within the TIF District (identified <br /> in Section C.2 above) will be acquired by the City and conveyed <br /> to Alltool Company. Alltool Company has entered into an <br /> Assessment Agreement for development of the property acquired <br /> which provides recourse for the City if the Alltool development <br /> is not completed. <br /> <br /> 4. Development to Occur Within the TIF District <br /> Development within the TIF District will include the <br /> correction of soil conditions and construction of the eighty- <br /> five thousand (85,000) square foot Alltool manufacturing <br /> <br /> facility and related out-buildings and other improvements. <br /> 5. Jobs to be Created <br /> <br /> A primary objective of the Development Program and of <br />this TIF Plan is the creation of additional jobs in the City. <br />Development of the new Alltool facility will create <br />approximately fifty (50) temporary construction jobs and up to <br /> <br />fifty (50) permanent jobs in the new facility. <br /> 6. Future TIF Districts <br /> <br /> It is the City's intent to create a number of tax <br />increment districts within the Development District as private <br />development occurs, in order to use the tax increment generated <br />by such development to finance or otherwise pay the cost of <br /> <br /> <br />