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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. 18 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 19.8. 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. 18. Subsection 19.9. Estimated Public Improvement Costs. The estimated costs associated with Development District No. 1 are listed in Section I, Subsection 1.5. Subsection 19.10. Estimated Amount of Bonded Indebtedness. It is anticipated that $3,685,000 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. It is further anticipated that future bond sales, approximating $2,850,000 and including $641,250 of capitalized interest, will be based on the availability of tax increment derived from development and redevelopment activities within Development District No.1. 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 24, 1990 relating to Tax Increment Financing District No. 18 as tax increments are generated and become available. Subsection 19.11. Sources of Revenue. The costs outlined in Section I, Subsection 1.5. will be financed through the annual collection of tax increments. Subsection 19.12. Estimated Oriqinal and Captured Tax Capacities. The tax capacity of all taxable property in Tax Increment Financing District No. 18, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2, 1989, is estimated to be $168,925. 19 - 2