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<br />bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they <br />were solely for activities outside of the District. <br /> <br />3. Five Year Limitation on Commitment of Tax Increments. Tax increments derived ITom the District shall <br />be deemed to have satisfied the 75 percent test set forth in paragraph (2) above only if the five year rule <br />set forth in MS.. Section 469.1763, Subd. 3, has been satisfied; and beginning with the sixth year <br />following certification of the District, 75 percent of said tax increments that remain after expenditures <br />permitted under said five year rule must be used only to pay previously committed expenditures or credit <br />enhanced bonds as more fully set forth in MS., Section 469.1763, Subd. 5. <br /> <br />4. RedeveloDment District. At least 90 percent of the revenues derived from tax increment from a <br />redevelopment district must be used to finance the cost of correcting conditions that allow designation <br />of redevelopment and renewal and renovation districts under MS., Section 469.176 Subd. 4j. These costs <br />include, but are not limited to, acquiring properties containing structurally substandard buildings or <br />improvements or hazardous substances, pollution, or contaminants, acquiring adjacent parcels necessary <br />to provide a site of sufficient size to permit development, demolition and rehabilitation of structures, <br />clearing of the land, the removal of hazardous substances or remediation necessary for development of <br />the land, and installation of utilities, roads, sidewalks, and parking facilities for the site. The allocated <br />administrative expenses of the City, including the cost of preparation ofthe development action response <br />plan, may be included in the qualifying costs. <br /> <br />Subsection 2-27. <br /> <br />Summary <br /> <br />The City of Elk River is establishing the District to preserve and enhance the tax base, redevelop substandard <br />areas, and provide employment opportunities in the City. The TIF Plan for the District was prepared by <br />Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota55 I 13, telephone (651) 697-8500. <br /> <br />City of Elk River <br /> <br />Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 <br /> <br />2-14 <br />