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Subsection 36,8. Fiscal Disparities. The City hereby elects the method of tax ement computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3, se (a) if and when commerciallindustrial development occurs within the TIF District. Subsection 36.9. Estimated Public Improvement Costs. The estimated public rovement costs associated with this TIF District are listed on Page I-C-28 of Exhibit of the Restated Development Program. Notwithstanding anything to the contrary in ibit I-C, any of the costs listed therein may be financed with tax increments from the District, and such costs may be incurred anywhere within the NW Quad as mitted by the Special Law. Subsection 36.10. Estimated Amount of Bonded Indebtedness. It is anticipated approximately $400,000 of bonded indebtedness may be incurred that is secured hole, or in part, by the tax increment from this TIF District. Subsection 36.11, Sources of Revenue. The anticipated revenue sources to nce the costs associated with the Project Area are outlined in Section I, Subsection Subsection 36.12. Estimated OriQinal and Captured Tax Capacities, The tax acity of all taxable property in the TIF District, as most recently certified by the missioner of Revenue of the State of Minnesota on January 2. 2006, is estimated e $3,950. The captured tax capacity of the TIF District upon completion of all the proposed rovements on January 2,2007 is estimated to be $7,300. The City intends to utilize % of the captured tax capacity for the duration of the TIF District for purposes of ermining tax increment revenues. Subsection 36.13. Local Tax Rate. The pay 2006 local tax rate is 1.11508, The Increment Act requires the certification of an original local tax rate for the duration tax increment district. For tax increment districts certified after June 30th the ctive local tax rate is the local tax rate for the subsequent tax year, At this time the 7 local tax rate is not known, but upon its availability it will be certified as the inallocal tax rate for the TIF District. Subsection 36,14. Tax Increment. Annual tax increment generated from the TIF trict has been calculated at approximately $8,140 upon initial completion of all the rovements. This estimate is provided on the attached Exhibit XXXVI-C. Revenue also been projected for the duration of the TIF District and is shown on Page I-C-27 xhibit I-C, Subsection 36,15. Type of TIF District. The TIF District is, pursuant to M nesota Statutes, Section 469.174, Subdivision 10, a redevelopment district. 36-2