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.. ~. Subsection 30.16. Duration of Tax Increment Financing District. 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, 2002. Thus, it is estimated that the TIF District, including any modifications for subsequent phases or other changes, would terminate in the year 2026. Subsection 30.17. Estimated Impact on Other Taxing Jurisdictions. The estimated impact on other> taxing jurisdictions assumes construction would have. occurred without the creation of the TIF District. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the financing would not have occurred without the assistance of the City, the attached Exhibit XXX-E reflects the estimated impact of the TIF District if the "but for" test were not met. Subsection 30.18. Election of Contribution or Exemption of Tax Increment Financing District. The City hereby elects a qualifying local contribution equal to five percent (5.00%) of the tax increment generated from the TIF District, as set forth in Minnesota Statutes, Section 273.1399. Subsection 30.19. Modification of Tax Increment Financing: District andlor Tax Increment Financing Plan. As of June 22, 1999, no modifications to the TIF District or the TIF Plan therefore has been made, said date being the date of initial approval and adoption thereof by the City. G:\WPDATA\N\NEW BRIGHTON\29\TIF\TIF PLAN.DOC 30-3