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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 11 —TAX INCREMENT FINANCING PLAN <br /> FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 28 <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 /> 1. 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 /> Map of the Tax Increment Financing District and Project Area............................... EXHIBIT I <br /> TIF District Assumptions Report............................................................................. EXHIBIT 11 <br /> Projected Tax Increment Report............................................................................. EXHIBIT III <br /> Estimated Impact on Other Taxing Jurisdictions Report......................................... EXHIBIT IV <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 />