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<br />TABLE OF CONTENTS <br /> <br /> <br /> <br />SECTION I – MODIFICATION TO THE DEVELOPMENT PROGRAM <br />FOR DEVELOPMENT DISTRICT NO. 1 <br /> <br />Foreword ............................................................................................................................... 1 <br /> <br /> SECTION II – TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 25 <br /> <br /> <br />A. Definitions .................................................................................................................... 2 <br />B. Statutory Authorization ................................................................................................. 2 <br />C. Statement of Need and Public Purpose ....................................................................... 2 <br />D. Statement of Objectives ............................................................................................... 2 <br />E. Designation of Tax Increment Financing District as a Housing District ........................ 2 <br />F. Duration of the TIF District ........................................................................................... 3 <br />G. Property to be Included in the TIF District .................................................................... 3 <br />H. Property to be Acquired ............................................................................................... 4 <br />I. Specific Development Expected to Occur Within the TIF District ................................. 4 <br />J. Findings and Need for Tax Increment Financing ......................................................... 5 <br />K. Estimated Public Costs ................................................................................................ 5 <br />L. Estimated Sources of Revenue .................................................................................... 6 <br />M. Estimated Amount of Bonded Indebtedness ................................................................ 6 <br />N. Original Net Tax Capacity ............................................................................................ 6 <br />O. Original Tax Capacity Rate .......................................................................................... 7 <br />P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ........... 7 <br />Q. Use of Tax Increment ................................................................................................... 8 <br />R. Excess Tax Increment .................................................................................................. 9 <br />S. Tax Increment Pooling and the Five Year Rule ............................................................ 9 <br />T. Limitation on Administrative Expenses......................................................................... 9 <br />U. Limitation on Property Not Subject to Improvements - Four Year Rule ........................ 9 <br />V. Estimated Impact on Other Taxing Jurisdictions .......................................................... 10 <br />W. Prior Planned Improvements ........................................................................................ 10 <br />X. Development Agreements ............................................................................................ 11 <br />Y. Assessment Agreements ............................................................................................. 11 <br />Z. Modifications of the Tax Increment Financing Plan ...................................................... 11 <br />AA. Administration of the Tax Increment Financing Plan .................................................... 11 <br />AB. Financial Reporting and Disclosure Requirements ...................................................... 12 <br /> <br /> <br />Map of the Tax Increment Financing District ......................................................................... EXHIBIT I <br />Map of the Development District ........................................................................................... EXHIBIT I <br />Assumptions Report ............................................................................................................. EXHIBIT II <br />Projected Tax Increment Report ........................................................................................... EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ....................................................... EXHIBIT IV