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TABLE OF CONTENTS SECTION I — MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 Foreword...................................................................................................... 1 SECTION II —TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 28 Section Page(s) A. Definitions.............................................................................................. 1 B. Statutory Authorization........................................................................... 2 C. Statement of Need and Public Purpose ................................................. 2 D. Statement of Objectives......................................................................... 2 E. Designation of the TIF District as a Housing District .............................. 2 F. Duration of the TIF District..................................................................... 3 G. Property to be Included in the TIF District .............................................. 3 H. Property to be Acquired in the TIF District ............................................. 3 I. Specific Development Expected to Occur Within the TIF District .......... 3 J. Findings and Need for Tax Increment Financing ................................... 4 K. Estimated Public Costs.......................................................................... 5 L. Estimated Sources of Revenue.............................................................. 5 M. Estimated Amount of Bonded Indebtedness .......................................... 6 N. Original Net Tax Capacity...................................................................... 6 O. Original Tax Capacity Rate.................................................................... 6 P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment 7 Q. Use of Tax Increment............................................................................. 7 R. Excess Tax Increment............................................................................ 8 S. Tax Increment Pooling and the Five Year Rule ..................................... 8 T. Limitation on Administrative Expenses .................................................. 9 U. Limitation on Property Not Subject to Improvements - Four Year Rule. 9 V. Estimated Impact on Other Taxing Jurisdictions .................................... 9 W. Prior Planned Improvements.................................................................. 10 X. Development Agreements...................................................................... 10 Y. Assessment Agreements....................................................................... 11 Z. Modifications of the Tax Increment Financing Plan ............................... 11 AA. Administration of the Tax Increment Financing Plan ............................. 11 AB.Filing Financial Reporting and Disclosure Requirements ...................... 12 Map of the Tax Increment Financing District and Project Area ............................... EXHIBIT I TIF District Assumptions Report............................................................................. EXHIBIT II Projected Tax Increment Report............................................................................. EXHIBIT III Estimated Impact on Other Taxing Jurisdictions Report ......................................... EXHIBIT IV Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly -owned subsidiary of Baker Tilly US, LLP, an accounting firm. Baker Tilly US, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.