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TABLE OF CONTENTS <br />SECTION I — MODIFICATION TO THE DEVELOPMENT PROGRAM <br />FOR DEVELOPMENT DISTRICT NO. 1 <br />Foreword.......................................................................................................................................... ..............................1 <br />SECTION II —TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 24 <br />A. <br />Definitions ................................................................................................................................ ..............................2 <br />B. <br />Statutory Authorization ............................................................................................................ ..............................2 <br />C. <br />Statement of Need and Public Purpose ................................................................................... ..............................2 <br />D. <br />Statement of Objectives .......................................................................................................... ..............................2 <br />E. <br />Designation of Tax Increment Financing District as a Redevelopment District ........................ ..............................2 <br />F. <br />Duration of the TIF District ....................................................................................................... ..............................4 <br />G. <br />Property to be Included in the TIF District ................................................................................ ..............................4 <br />H. <br />Property to be Acquired in the TIF District ............................................................................... ..............................4 <br />I. <br />Specific Development Expected to Occur Within the TIF District ............................................ ..............................4 <br />J. <br />Findings and Need for Tax Increment Financing ..................................................................... ..............................5 <br />K. <br />Estimated Public Costs ............................................................................................................ ..............................7 <br />L. <br />Estimated Sources of Revenue ............................................................................................... ..............................7 <br />M. <br />Estimated Amount of Bonded Indebtedness ............................................................................ ..............................7 <br />N. <br />Original Net Tax Capacity ........................................................................................................ ..............................8 <br />O. <br />Original Local Tax Rate ........................................................................................................... ..............................8 <br />P. <br />Projected Retained Captured Net Tax Capacity and Projected Tax Increment ....................... ..............................9 <br />Q. <br />Use of Tax Increment .............................................................................................................. ..............................9 <br />R. <br />Excess Tax Increment ............................................................................................................ .............................10 <br />S. <br />Tax Increment Pooling and the Five Year Rule ...................................................................... .............................10 <br />T. <br />Limitation on Administrative Expenses ................................................................................... .............................11 <br />U. <br />Limitation on Property Not Subject to Improvements - Four Year Rule .................................. .............................11 <br />V. <br />Estimated Impact on Other Taxing Jurisdictions ..................................................................... .............................12 <br />W. <br />Prior Planned Improvements .................................................................................................. .............................12 <br />X. <br />Development Agreements ...................................................................................................... .............................12 <br />Y. <br />Assessment Agreements ........................................................................................................ .............................13 <br />Z. <br />Modifications of the Tax Increment Financing Plan ................................................................ .............................13 <br />AA. <br />Administration of the Tax Increment Financing Plan ............................................................... .............................13 <br />AB. <br />Filing TIF Plan, Financial Reporting and Disclosure Requirements ........................................ .............................14 <br />Map of the Tax Increment Financing District ............................................................ ............................... EXHIBIT I <br />AssumptionsReport ........................................................................ ............................... ........................EXHIBIT II <br />Projected Tax Increment Report ............................................................................. ............................... EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ................. ............................... ........................EXHIBIT IV <br />Market Value Analysis Report ......................................................... ............................... ........................EXHIBIT V <br />Redevelopment TIF District Qualifications Report .......................... ............................... ........................EXHIBIT VI <br />