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March 29, 1988, April 26, 1988, and July 26, 1988. The City is not modifying the <br />boundaries of the Development District at this time, but the Program is being modified <br />to update and more fully describe the development activities planned or authorized <br />within the Development District. <br /> <br />E. Description of TIF District. <br /> <br /> A legal description of the properties within TIF District No. 5 is attached hereto <br />as Exhibit A. A map of approximate boundaries of TIF District No. 5 is attached hereto <br />as Exhibit B. <br /> <br />F. Development District Contracts. <br /> <br /> Although. no contracts have yet been executed for property within TIF District <br />No. 5, agreements regarding property within the Development District will be entered <br />into in accordance with Section 469.176, Subd. 5 of the TIF Act. No more than 25 <br />percent, by acreage, of the land within the TIF District will be acquired by the City <br />with bond proceeds without having concluded an agreement for development or <br />redevelopment of the property. <br /> <br />G. Classification of TIF District. <br /> <br /> In evaluating the characteristics of TIF District No. 5 in accordance with the <br />TIF Act, the City has found that the district is an economic development district, <br />pursuant to Section 469.174, Subd. 12(3). <br /> <br />H. Modification of TIF Plan. <br /> <br /> The Plan for TIF District No. 5 may be modified by the City, provided that any <br />reduction or enlargement of geographic area of the TIF District, increase in amount of <br />bonded indebtedness to be incurred, including a determination to capitalize interest on <br />the debt if that determination was not a part of the original plan, or to increase or <br />decrease the amount of interest on the debt to be capitalized, increase in the portion of <br />the captured assessed value to be retained by the City, increase in total estimated tax <br />increment expenditures or designation of additional property to be acquired by the City <br />shall be approved upon the notice and after such discussion, public hearing and <br />findings as required for approval of the original Plan. <br /> <br />I. Use of Tax Increment. <br /> <br /> Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived <br />from TIF District No. 5 shall be used in accordance with the TIF Plan. The revenues <br />shall be used to finance or otherwise pay the capital and administrative costs of <br />development activities within the Development District as identified in the TIF Plan. <br /> <br />Excess Tax Increment. <br /> <br />Pursuant to Section 469.176, Subd. 2 of the TIF Act, in any year in which the <br /> <br /> <br />