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The total estimated tax increment revenues for the District are shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $20,000,000 Interest $2,000,000 TOTAL $22,000,000 The City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $15,216,250. Such bonds may be in the form of pay-as-you- go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. Subsection 2-10. Uses of Funds Currently under consideration is a proposal to modify the budget for TIF District No. 26 to reflect actual increment collected to date and estimated increment to be collected through the term of the TIF District. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES OF TAX INCREMENT FUNDS TOTAL Land/Building Acquisition $2,570,000 Site Improvements/Preparation $850,000 Utilities $500,000 Other Qualifying Improvements $9,296,250 Administrative Costs (up to 10%)$2,000,000 PROJECT COST TOTAL $15,216,250 Interest $6,783,750 PROJECT AND INTEREST COSTS TOTAL $22,000,000 The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in Subsection 2-9. Estimated costs associated with the District are subject to change among categories without a modification to this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuant to the applicable statutory requirements. Pursuant to M.S., Section 469.1763, Subd. 2, no more than 25 percent of the tax increment paid by property within the District will be spent on activities related to development or redevelopment outside of the District but within the boundaries of Development District No. 1, (including administrative costs, which are considered to be spent outside of the District) subject to the limitations as described in this TIF Plan. This language was amended by the 2008 Session Laws (Chapter 366, Article 5, Section 24) and included in Appendix D. City of New Brighton Modification to the Tax Increment Financing Plan for TIF District No. 26: Brighton Corporate Business Park III 2-5