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City of Elk River, Minnesota Section F Duration of the TIF District and the Three Year Rule SRedevelopment districts may remain in existence 25 years from the date of receipt of the first tax increment. This term shall be reduced to 20 years if the City elects to delay receipt of the first tax increment until a minimum market value for the TIF District is reached or exceeded, or four years have elapsed from the date of certification, whichever is earlier. Modifications of this plan (see Section AA) shall not extend these limitations. The City does not elect to delay receipt of the first tax increment. The City reserves the right to allow the TIF District to remain in existence the maximum duration allowed by law (projected to be through the year 2024). All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. In addition, no tax increments shall be paid to the City from the TIF District after three years from the date of certification unless within that time period: (1) bonds have been issued in aid of the Project Area (except revenue bonds issued pursuant to M.S. Sections 469.152 to 469.165); (2) the City has acquired property within the TIF District; or (3) the City has constructed public improvements within the TIF District. Section G Property to be Included in the TIF District The TIF District is a 156.37 acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: [Legal Description to be Added] Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District; however, the City does not anticipate acquiring any such property at this time. 111 SPRINGSTED Page 3