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~.. 'r Subsection 24.7. Prior Planned Improvements. The City shall, after due and diligent search, accompany its request for certification to the County Auditor or its notice of district enlargement with a listing of all properties within Tax Increment Financing District No. 23 for which building permits have been issued during the eighteen (18) months immediately preceding approval of the Tax Increment Financing Plan by the City. The county Auditor shall increase the original tax capacity of Tax Increment Financing District No. 23 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 Tax Increment Financing Plan. Subsection 24.8. Fiscal Disparities. The City hereby elects the method of tax increment computation set forth in Minnesota statutes, Section 469.177, Subdivision 3, clause (a) if and when commercial/industrial development occurs with Tax Increment Financing District No. 23. Subsection 24.9. Estimated Public Improvement Costs. estimated costs associated with Development District No. 1 listed in Section I, Subsection 1.5. The are Subsection 24.10. Estimated Amount Qf Bonded Indebtedness. It is anticipated that $260,000 of bonded indebtedness may be incurred with respect to this portion of Development District No.1. Pursuant to Minnesota Statutes, Section 469.178, subdivision 1, General Obligation Tax Increment Bonds may be used as required to amortize the costs identified in Section I, subsection 1.5. The City also wishes to reserve the right to pay for all or part of the activities listed in Section I, Subsection 1.5. as modified April 12, 1994 relating to Tax Increment Financing District No. 23 as tax increments are generated and become available. Subsection 24.11. Sources of Revenue. The costs outlined in Section I, Subsection 1.5. will be financed through the annual collection of tax increments. Subsection 24.12. Estimated Oriqinal and Captured Tax Capacities. The tax capacity of all taxable property in Tax Increment Financing District No. 23, as most recently certified by the Commissioner of Revenue of the state of Minnesota on January 2, 1993, is estimated to be $2,378. The estimated captured tax capacity of Tax Increment Financing District No. 23 upon completion of the proposed improvements on January 2, 1995 is estimated to be $18,897. 24 - 2