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I. Use of Tax Increment. <br /> <br /> Pursuant to Section 469.176, Subd. 4 of the TIF Act, all revenues derived <br />from the tax increment from TIF District No. 2 shall be used in accordance with <br />the TIF Plan. The revenues shall be used to finance or otherwise pay the capital <br />and administrative costs of development activities within the Development District <br />as identified in the TIF Plan. <br /> <br />J. Excess Tax Increment. <br /> <br /> Pursuant to Section 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 <br />Plan, the City shall use the excess amount to do any of the following, in the order <br />determined by the City: <br /> <br />1. prepay the outstanding bonds; <br /> <br />2. discharge the pledge of tax increment therefor; <br /> <br />3. pay into an escrow account dedicated to the payment of bonds; or <br /> <br />return the excess amount to the Anoka county auditor who shall <br />distribute the excess amount to the City, the county and Anoka- <br />Hennepin independent school district No. 11 in direct proportion to <br />their respective tax capacity rates. <br /> <br /> In addition, the City may choose to modify the TIF Plan again in order to <br />provide for other public improvements within the Development District. <br /> <br />K. Limitation of Increment. <br /> <br />No increment shall be paid to the City from TIF District No. 2 after <br />three years from the date of certification of the original tax capacity <br />of the taxable real property in the District by the county auditor <br />unless within the three year period (a) bonds have been issued <br />pursuant to Section 469.178 of the TIF Act, or (b) the City has <br />acquired property within TIF District No. 2, or (c) the City has <br />constructed or caused to be constructed public improvements within <br />TIF District No. 2. <br /> <br />If, after four years from the date of certification of the original tax <br />capacity of TIF District No. 2, no demolition, rehabilitation, or <br />renovation of property or other site preparation, including <br />improvement of a street or right-of-way adjacent to a parcel but not <br />installation of underground utility service, including sewer or water <br />systems, have been commenced on a parcel located within TIF <br />District No. 2 by the City, or by the owner of the parcel in <br />accordance with the TIF Plan, no additional increment may be taken <br />from that parcel, and the original tax capacity of that parcel shall be <br />excluded from the original tax capacity of the TIF District. If these <br />activities subsequently commence, the City shall so certify to the <br />county auditor, and the tax capacity of the property as most recently <br /> <br /> <br />