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The County Auditor shall increase the original tax capacity of the TIF District by the tax capacity of each improvement for which the building permit was issued. If said listing does not accompany the aforementioned request or notice, the absence of such listing shall indicate to the County Auditor that no building permits were issued in the eighteen (18) months prior to the City's approval of the TIF Plan. Subsection 31.8. FiscRI DispRrities. The City hereby elects the method of tax increment computation set forth in MinnesotR StRtlJtes, Section 469.177, Subdivision 3, clause (a) if and when commercial/industrial development occurs within the TIF District. Subsection 31.9. EstimRterl Puhlic Improvement Costs. The estimated costs associated with the Project Area are listed in Exhibit I-B. Subsection 31.10. EstimRtF!n Amount of Ronnp.n Innp.htAnnp.ss. It is anticipated that approximately $4.0 million of bonded indebtedness may be incurred with respect to this portion of the Project Area. Subsection 31.1. Sources of RevenlJe. The anticipated revenue sources to finance the costs associated with the Project Area are outlined in Section I, Subsection 1.6. Subsection 31.12. EstimF.ltArl Origin;:!1 Rnd C;:!ptlJren TRx CF.lr;:!cities. The tax capacity of all taxable property in the TIF District, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2, 2003, is estimated to be $43,806. The estimated captured tax capacity of the TIF District upon completion of all the proposed improvements on January 2,2005 is estimated to be $129,945. Subsection 31.13. TRX CRpBcity RBtF! The pay 2003 local tax capacity rate is 1.19094. Subsection 31.14. TRx Incremp.nt. Annual tax increment has been calculated at approximately $154,757 upon initial completion of the improvements. A financial analysis is provided on the attached Exhibit XXXI-C. Revenue has also been projected for the duration of the TIF District and is shown on Exhibit 1-8. Subsection 31.15. TYrp. of TIF District. The TIF District is, pursuant to MinnF!sot;:! Statutes, Section 469.174, Subdivision 10, a redevelopment district. Subsection 31.16. Ollration of TIF [,,)i~trict. The duration of the TIF District is expected to be twenty-five (25) years from receipt of the first tax increment. The date of receipt of the first tax increment is estimated to be July, 2006. Thus, it is estimated that 31-2