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<br /><.' ~ <br /> <br />.~ <br /> <br />SECTION XXIV <br /> <br />TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 23 <br /> <br />Subsection 24.1. Statement of Obiectives. See Section I, <br />Subsection 1.4. Statement of Objectives. <br /> <br />Subsection 24.2. Modified Development Proqram. See Section <br />I, Subsections 1.2. through 1.13. <br /> <br />Subsection 24.3. Parcels to be Included. The boundaries of <br />Tax Increment Financing District No. 23 are described on the <br />attached Exhibit XXIV-A and illustrated on Exhibit XXIV-B. <br /> <br />Subsection 24.4. Parcels in Acquisition. The City may <br />publicly acquire and reconvey any or all of the parcels in Tax <br />Increment Financing District No. 23 identified on the attached <br />Exhibit XXIV-A. <br /> <br />The following are conditions under which properties not <br />designated to be acquired may be acquired at a future date: <br /> <br />(1) The City may acquire property by gift, dedication, <br />condemnation or direct purchase from willing sellers in order to <br />achieve the objectives of the Tax Increment Financing Plan; and <br /> <br />(2) Such acquisition will be undertaken only when there is <br />assurance of funding to finance the acquisition and related <br />costs. <br /> <br />Subsection 24.5. Development Activity for which Contracts <br />have been Siqned. As of the date of adoption of the Tax <br />Increment Financing Plan, the City intends to enter into a <br />Development Agreement with NHHI - New Brighton, Inc. for the <br />construction of approximately twenty-five (25) units of <br />handicapped housing with an estimated total market value of <br />$925,000 to be constructed in 1994. <br /> <br />Subsection 24.6. Specific Development Expected to Occur. <br />At this time it is anticipated that approximately twenty-five <br />(25) units of handicapped housing will be constructed in 1994. <br /> <br />24 - 1 <br />