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indebtedness (including interest thereon) to be incurred within and for the benefit of Development District No. 1 are set forth in Subsection 1.5 of the Development Plan, as amended by Section 1.3 above. General obligation and/or revenue tax increment obligations, in addition to the direct use of tax increments, may be used as required to finance such costs. Additional sources of revenue derived from the City's activities within the Development District under the Enabling Act may also be used, if available. Section 2.7. Estimated Captured Assessed value. The City estimates that, upon completion of the anticipated development, the captured assessed value of this Tax Increment District will be $666,320. This estimate is based on estimates that the original assessed value of the Tax Increment District will be $107,680 and that the total assessed value of the Tax Increment District, upon completion of the development, will be approximately $774,000. Section 2.8. Type of Tax Increment District. This Tax Increment District is, pursuant to Minnesota Statutes, Section 469.174, Subdivision 10(a)(2),a redevelopment district due to the fact that at least 70% of the parcels in said District are occupied by buildings, streets, utilities, or other improvements and 20% of the buildings are structurally substandard and an additional 30% of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, and obsolete buildings not suitable for improvement or conversion. Section 2.9. Duration of Tax Increment District. Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, the duration of this Tax Increment District will be not later than 25 years from the date of receipt by the City of the first tax increment. Section 2.10. Impact on Taxinq Jurisdictions. The impact of this Tax Increment District on the affected taxing jurisdictions is reflected in the City's anticipated need to utilize the tax increments generated from this Tax Increment District during the period described in Section 2.9 above for the purposes of financing the public costs identified in the Development Plan, following which period the increased assessed valuations will inure to the benefit of such taxing jurisdictions. 2-2