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In connection with the development further described in Section Q., the City has <br />entered into various contracts with developers in the past, all of which are on file in City <br />Hall. The City anticipates entering into additional development agreements with various <br />entities in the future, though the names of developers and other details are not available at <br />the time of this modification. <br /> <br />G. Classification of TIF District. <br /> <br /> In establishing the TIF District, the City found it to be a redevelopment district pursuant <br />to Section 273.73, Subd. 10(3) of the TIF Act then in effect. (See Section 2.11 of the 1985 <br />TIF Plan.) This TIF Plan modification does not alter that classification. <br /> <br />H. Modification of TIF Plan. <br /> <br /> This TIF Plan may be further modified by the City, provided that any reduction or <br />enlargement of geographic area of the TIF District, increase in amount of bonded <br />indebtedness to be incurred, including a determination to capitalize interest on the debt if <br />that determination was not a part of the original plan, or to increase or decrease the amount <br />of interest on the debt to be capitalized, increase in the portion of the captured assessed <br />value to be retained by the City, increase in total estimated tax increment expenditures, or <br />designation of additional property to be acquired by the City, shall be approved upon the <br />notice and after the discussion, public hearing and findings required for approval of the <br />original Plan. <br /> <br />Use of Tax Increment. <br /> <br /> Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived from the <br />TIF will be used in accordance with the TIF Plan. The revenues shall be used to £mance or <br />otherwise pay the capital and administrative costs of development activities within the TIF <br />District as identified in the TIF Plan, including principal and interest on al/TIF Bonds as <br />defined in the Development Program. The City is also authorized to pledge tax increment <br />from TIF District No. 1 toward TIF Bond contacts or intemal financing issued to finance <br />public development costs within the Development District, including any costs authorized <br />in the TIF Plans for TIF District No. 2 and TIF District No. 4. <br /> <br />J. Excess Tax Increment. <br /> <br /> Pursuant to Sections 469.176, Subd. 2 of the TIF Act, in any year in which the <br />increment exceeds the amount necessary to pay the costs authorized by the TIF Plan, the <br />City will use the excess amount to do any of the following, in the order determined by the <br />City: <br /> <br />1. prepay the outstanding TIF Bonds; <br /> <br />2. discharge the pledge of tax increment therefor; <br /> <br />SJB-151910 <br />RA125-52 7 <br /> <br /> <br />