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• IMPACT ON TAX BASE ENTITY'S ESTIMATED % OF CAPTURED TOTAL NET CAPTURED TAX CAPACITY ENTITY TAX CAPACITY TAX CAPACITY TO ENTITY TOTAL Sherburne County 58,246,430 59,021 .101% City of Elk River 12,383,123 59,021 .477% School District No. 728 26,390,619 59,021 .244% IMPACT ON TAX RATES CURRENT PERCENT CAPTURED POTENTIAL ENTITY TAX RATE OF TOTAL TAX CAPACITY TAXES Sherburne County .27235 .24 59,021 16,074 City of Elk River .26255 .24 59,021 15,496 School District No. 728 .56539 .51 59,021 33,370 Other .01475 .01 59,021 871 TOTAL 1.11504 1.00 65,811 • The estimates listed above display captured tax capacity when Phase I and II construction is completed. The tax rates and tax capacities are the payable 1998 figures for all jurisdictions. District No. 21 will be certified under rates for tax year payable 1999 which were unavailable at the time of preparation of this Plan. N. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the project or tax increment financing district, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured tax capacity to be retained by the City or Authority, increase in total estimated tax increment expenditures or designation of additional property to be acquired by the City or Authority shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original plan. The geographic area of a tax increment financing district may be reduced, but shall not be enlarged after five years following the date of certification of the original tax capacity by the county auditor or by approximately July 2003. If an economic development district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of Sections 469.174, subdivision 12, must be documented. The requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from the project or district and (2)(A) the current tax capacity of the parcel(s) eliminated from the district equals or exceeds the tax • capacity of those parcel(s) in the district's original tax capacity or (B) the authority agrees that, Tax Increment Financing District No.21 Page II-7