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Although no conu'acts have yet been executed, agreements regarding property within the Development District will be entered into in accordance with §469.176, Subd. 5 of the TIF Acc. No more than 25 percent, by acreage, of the landto be aquired within the Development District will be acquired by the City with bond proceeds withou! having concluded an agreement for development or redevelopment of the property. G. Classification of TIF District. In evaluating the characteristics of TIF District No. 4 in accordance with the TIF Act, the City has found that the district is a redevelopment TIF district, pursuant to §469.174, Subd. 10(a)(2) of the TIF Act. The City reaffn'ms these findings. H. Modification of TIF Plan. The Plan for TIF District No. 4 ma5' 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 part 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 property to be acquired by the City, shall be approved upon the notice and after the discussion, public hearing and findings as required for approval of the original Plan. I. Use of Tax Increment. Pursuant to §469.176, Subd. 4 of the TiT Act, all revenues derived from TIF District No. 4 shall be used in accordance with the TIF Plan. The revenues shall be used to finance or otherwise pay the capital, and administrative costs of development activities within the Development District as identified in the 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 necessary, 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. lh'epay the outstanding bonds; 2. Discharge the pledge of tax increment therefor, 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 tax rates. In addition, the City may choose to modify the TIT Plan in order to provide for other public improvements within Development District No. 1. K. Limitation on Increment. No increment shall be pa_id to the City from TIF District No. 4 after three >,ears from the date of certification of the original assessed value of the taxable real