5.1. HRSR 10-04-2004 - Laserfiche WebLink

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• bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they were solely for activities outside of the District. 3. Five Year Limitation on Commitment of Tax Increments. Tax increments derived from the District shall be deemed to have satisfied the 75 percent test set forth in paragraph(2)above only if the five year rule set forth in M.S., Section 469.1763, Subd. 3, has been satisfied; and beginning with the sixth year following certification of the District, 75 percent of said tax increments that remain after expenditures permitted under said five year rule must be used only to pay previously committed expenditures or credit enhanced bonds as more fully set forth in M.S., Section 469.1763, Subd. 5. 4. Redevelopment District. At least 90 percent of the revenues derived from tax increment from a redevelopment district must be used to finance the cost of correcting conditions that allow designation of redevelopment and renewal and renovation districts under M.S.,Section 469.176 Subd. 4j. These costs include, but are not limited to, acquiring properties containing structurally substandard buildings or improvements or hazardous substances,pollution,or contaminants,acquiring adjacent parcels necessary to provide a site of sufficient size to permit development, demolition and rehabilitation of structures, clearing of the land,the removal of hazardous substances or remediation necessary for development of the land,and installation of utilities,roads, sidewalks,and parking facilities for the site. The allocated administrative expenses of the City,including the cost of preparation of the development action response plan,may be included in the qualifying costs. Subsection 2-27. Summary The City of Elk River is establishing the District to preserve and enhance the tax base,redevelop substandard areas, and provide employment opportunities in the City. The TIF Plan for the District was prepared by • Ehlers&Associates,Inc.,3060 Centre Pointe Drive,Roseville,Minnesota 55113,telephone(651)697-8500. City of Elk River Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No.22 2-14