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<br /> <br /> Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly Virchow <br />Krause, LLP, an accounting firm. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker <br />Tilly International Ltd., the members of which are separate and independent legal entities. <br />TABLE OF CONTENTS <br /> <br />SECTION I – MODIFICATION TO THE DEVELOPMENT PROGRAM <br />FOR DEVELOPMENT DISTRICT NO. 1 <br />Foreword ............................................................................................................................. 1 <br /> <br />SECTION II – MODIFICATION TO THE TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 24 <br />Introduction ......................................................................................................................... 1 <br /> <br />A. Definitions .............................................................................................................................. 1 <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 Redevelopment District ..................... 2 <br />F. Duration of the TIF District ..................................................................................................... 3 <br />G. Property to be Included in the TIF District .............................................................................. 4 <br />H. Property to be Acquired in the TIF District ............................................................................. 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 .......................................................................................................... 7 <br />L. Estimated Sources of Revenue ............................................................................................. 7 <br />M. Estimated Amount of Bonded Indebtedness .......................................................................... 8 <br />N. Original Net Tax Capacity ...................................................................................................... 8 <br />O. Original Local Tax Rate ......................................................................................................... 8 <br />P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ..................... 9 <br />Q. Use of Tax Increment ........................................................................................................... 10 <br />R. Excess Tax Increment ......................................................................................................... 10 <br />S. Tax Increment Pooling and the Five Year Rule ................................................................... 11 <br />T. Limitation on Administrative Expenses ................................................................................ 11 <br />U. Limitation on Property Not Subject to Improvements - Four Year Rule ............................... 12 <br />V. Estimated Impact on Other Taxing Jurisdictions .................................................................. 13 <br />W. Prior Planned Improvements ............................................................................................... 13 <br />X. Development Agreements ................................................................................................... 13 <br />Y. Assessment Agreements ..................................................................................................... 13 <br />Z. Modifications of the Tax Increment Financing Plan ............................................................. 14 <br />AA. Administration of the Tax Increment Financing Plan ........................................................... 14 <br />AB. Filing TIF Plan, Financial Reporting and Disclosure Requirements .................................... 15 <br /> <br />Map of the Tax Increment Financing 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 <br />Market Value Analysis Report ............................................................................................. EXHIBIT V <br />Redevelopment TIF District Qualifications Report .............................................................. EXHIBIT VI