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K. Limitation of Increment. No increment shall be paid to the City from TIF District No. 1 after three years from the date of certification of the original assessed value of the taxable real property in the District by the county auditor unless within the three-year period; (a) bonds have been issued pursuant to §469.178 of the TIF Act; or (b) the City has acquired property within TIF District No. 1; or (c) the City has constructed, or caused to be constructed, public improvements within TIF District No. 1. o If, after four years from the date of certification of the original assessed value of TIF District No. 1, no demolition, rehabilitation, or renovation of property or other site preparation, including improvement of a street or right-of-way adjacent to a parcel, but not installation of underground utility service, including sewer or water systems, have been commenced on a parcel located within TIF District No. 1 by the City, or by the owner of the parcel in accordance with the TIF Plan, no additional increment may be taken from that parcel, and the original assessed value of that parcel shall be excluded from the original assessed value of the TIF District. If these activities subsequently commence, the City shall so certify to the county auditor, and the assessed value of the property as most recently certified by the commissioner of revenue may be added to the TIF District. No tax increment shall in any event be paid to the City from TIF District No. 1 after 25 years from the date of receipt by the City of the first increment. L. Limitation on Administrative Expenses. Pursuant to §469.176, Subd. 3 of the TIF Act, administrative expenses are limited to 10 percent of the total tax increment expenditures. Each time the City increases the budget of TIF District No. 1, the amount of tax increment money allocated to administrative costs may be increased as long as the total of administrative expenditures does not exceed 10 percent of the total budget of the TIF District. Administrative expenses mean ail expenditures of the City other than mounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of real property in the District, relocation benefits paid to, or services provided for, persons residing or businesses located in the District, or amounts used to pay interest on, fund a reserve for, or sell at a discount, bonds issued pursuant to §469.178 of the TIF Act. Administrative expenses include amounts pa~d for services provided by bond counsel, fiscal consultants and planning or economic development consultants. M. LimitatiOn on Boundary Changes. The geo~aphic area of TIF District No. 1 may be reduced, but it cannot be enlarged after five years following the date of certification of the ori~nal assessed value by the Anoka County Auditor. N. Relocation. Although no relocation is anticipated, the City accepts, as binding, its obligations under state law for relocation and will administer relocation services for families, individuals and businesses displaced by public action. 11