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.' . ~ Subsection 24.13. Tax Capacity Rate. The total tax capacity rate is 1.32690. Subsection 24.14. Tax Increment. Annual tax increment has been calculated at approximately $25,074 upon completion of the improvements assuming a static tax capacity rate and a valuation increase of zero percent (0.0%) compounded annually. Subsection 24.15. ~ of Tax Increment Financinq District. Tax Increment Financing District No. 23 is, pursuant to Minnesota statutes, a Housing District. Subsection 24.16. Duration of Tax Increment Financinq District. The duration of Tax Increment Financing District No. 23 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, 1996. Thus, it is estimated that Tax Increment Financing District No. 23, including any modifications for subsequent phases or other changes, would terminate in the year 2021. Subsection 24.17. Estimated Impact on Other Taxinq Jurisdictions. The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of Tax Increment Financing District No. 23. 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 XXIV-E reflects the estimated impact of Tax Increment Financing District No. 23 if the "but for" test was not met. Subsection 24.18. Modification of Tax Increment Financinq District and/or Tax Increment Financinq Plan. As of April 12, 1994, no modifications to Tax Increment Financing District No. 23 or the Tax Increment Financing Plan therefore has been made, said date being the date of initial approval and adoption thereof by the City Council. 24 - 3