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<br />. <br /> <br />SECTION XXXVI <br /> <br />TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO, 33 <br /> <br />Subsection 36.1. Statement of Obiectives. See Section I, Subsection 1.4., <br />Statement of Objectives. <br /> <br />Subsection 36.2. Restated Development Proaram, See Section I, Subsections <br />1.1. through 1.13. <br /> <br />Subsection 36.3. Parcels to be Included. The boundaries of Tax Increment <br />Financing District No. 33 (the "TIF District") are described on Exhibit XXXVI-A and <br />illustrated on Exhibit XXXVI-B. <br /> <br />Subsection 36.4. Parcels in Acauisition. The City may write down or acquire <br />and reconvey real property, or interests therein, within this TIF District or elsewhere <br />within the Project Area at the time or times as the City may determine to be necessary <br />or desirable to assist or implement development or redevelopment within the Project <br />Area or the TIF District as further described in Section 1, Subsection 1.13. <br /> <br />. <br /> <br />Subsection 36.5. Development Activity for which Contracts have been Signed. <br />As of the date of adoption of the Tax Increment Financing Plan (the "TIF Plan"), the City <br />intends to enter into a Redevelopment Contract with Timbercraft Enterprises, Inc,. a <br />Minnesota corporation, for the activities discussed below. <br /> <br />Subsection 36.6. Specific Development Expected to Occur, At this time it is <br />anticipated that the redevelopment activities will include construction of an approximate <br />6,000 square foot, single story office condominium building with surface parking <br />commencing in 2006. At the completion of all construction activities within the NW <br />Quad, the City's tax base will increase by approximately $365,000. <br /> <br />Subsection 36.7. Prior Planned Improvements. The City shall, after due and <br />diligent search, accompany its request for certification of the TIF District or its notice of <br />enlargement of the TIF District to the County Auditor with a listing of all properties within <br />the TIF District for which bUilding permits have been issued during the eighteen (18) <br />months immediately preceding approval of the TIF Plan by the City. <br /> <br />The County Auditor shall increase the original tax capacity of the TIF District by <br />the tax capacity of each improvement for which the building permit was issued. If said <br />listing does not accompany the aforementioned request or notice, the absence of such <br />listing shall indicate to the County Auditor that no building permits were issued in the <br />eighteen (18) months prior to the City's approval of the TIF Plan, <br /> <br />. <br /> <br />36-1 <br />