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on August 12,1986, and is incorporated herein by reference. A map of the approximate boundaries of TIF District No. 1 is included in Exhibit B hereto. F. Development District Contracts. The City is negotiating development contracts for site improvements on several properties within TIF District No. 1. Other contracts regarding property within the Development District will be entered into in accordance with §469~176, Subd. 5 of the TIF Act, and no more than 25 percent (by acreage) of the land to be aquired within the Development District Mil be acquired by the City with bond proceeds without having concluded an agreement for development or redevelopment of the property. G. Classification of TIF District. TIF District No. 1, retains classified as a redevelopment TIF District, pursuant to §273.73, Subd. 10(a) (3) of the TIF Act. H. Modification of TIF Plan. The Plan for TtF District No. 1 may be modified by the City, provided that any reduction or enlargement of the geographic area of the TIF District, increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if that determination was not a pan of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase in the portion of the captured assessed value to be retained by the City, increase in total estimated tax increment expenditures or designation of additional propem/ to be acquired by the City, shall be approved upon the notice and after such discussion, public heating and findings as required for approval of the original Plan. I. Use of Tax Increment. Pursuant to §469.176, Subd. 4 of the TIF Act, all re'~enues derived from TIF District No. 1 shall be used in accordance with the TIF Plan. The revenues shall be used to finance, or otherwise pa>,, the capital and administrative costs of development activities within the Development District as identified in the Development Program and TIF Plan. J. Excess Tax Increment. Pursuant to §469.176, Subd. 2 of the TIF Act, in any year in which the increment exceeds the amount necessaD, to pay the costs authorized by the TIF Plan, the City shall use the excess amount to do any of the following, in the order determined by the City: 1. Prepay the outstanding bonds; 2. Discharge the pledge of tax increment therefore; 3. Pay into an escrow account dedicated to the payment of bonds; or Return the excess amount to the Anoka County Auditor who shall distribute the excess amount to the City, Anoka Count>, and Anoka-Hennepin Independent School District No. 11 in direct proportion to their respective mill rates. In addition, the City may choose to modify the TIF Plan in order to provide for other public improvements within the Development District. i0