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<br /> <br /> <br />Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly US, LLP, an <br />accounting firm. Baker Tilly US, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the <br />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 –TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 28 <br /> <br />Section Page(s) <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 the TIF 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 in the TIF District ............................................. 3 <br />I. Specific Development Expected to Occur Within the TIF District .......... 3 <br />J. Findings and Need for Tax Increment Financing ................................... 4 <br />K. Estimated Public Costs .......................................................................... 5 <br />L. Estimated Sources of Revenue .............................................................. 5 <br />M. Estimated Amount of Bonded Indebtedness .......................................... 6 <br />N. Original Net Tax Capacity ...................................................................... 6 <br />O. Original Tax Capacity Rate .................................................................... 6 <br />P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment 7 <br />Q. Use of Tax Increment ............................................................................. 7 <br />R. Excess Tax Increment ............................................................................ 8 <br />S. Tax Increment Pooling and the Five Year Rule ..................................... 8 <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 .................................... 9 <br />W. Prior Planned Improvements .................................................................. 10 <br />X. Development Agreements ...................................................................... 10 <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.Filing Financial Reporting and Disclosure Requirements ...................... 12 <br /> <br />Map of the Tax Increment Financing District and Project Area ............................... EXHIBIT I <br />TIF District Assumptions Report ............................................................................. EXHIBIT II <br />Projected Tax Increment Report ............................................................................. EXHIBIT III <br />Estimated Impact on Other Taxing Jurisdictions Report ......................................... EXHIBIT IV