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i I I I I i ! I I I I I I ! I i I 11. Pursuant to Section 273.75, Subd. 1, of the Tax Increment Financing Act: 1. No tax increments shall be paid to the City for the Tax Increment Financing District after three (3) years from the date of certification of the original assessed value of the taxable property in the Tax Incre- ment Financing Districts by the County Auditor unless within the three (3) year period: (a) bonds have been issued pursuant to Section 273.77 or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Chapter 474 prior to August 1, 1979, or (b) the City has acquired property within the Tax Increment Financing District or (c) the City has constructed or caused to be constructed public improvements within the Tax Increment Financing District. 2. The tax increments pledged to the payment of bonds and interest thereon may be discharged and the Tax Increment Financing District may be terminated if suf- ficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. 3. No tax increments shall in any event be paid to the City from the Tax Increment Financing District after twenty-three (23) years from the date of the re- ceipt by the City of the first tax increment or twenty- five (25) years from approval of each Tax Increment Financing Plan, whichever is less. Modification of each Tax Increment Financing Plan pursuant to Section 273.74, Subd. 4, of the Tax Increment Financing Act shall not extend the durational limits of that provision. 4. If, after five (5) years from the date of certification of the original assessed value of the Tax Increment Financing District pursuant to Section 273.76 of the Tax Increment Financing Act, no demolition, re- habilitation or renovation of property or other site preparation, including improvement of a street adjacent to a parcel but not installation of an underground util- ity service, has been commenced on a parcel located within the Tax Increment Financing District by the City or by the owner of the parcel in accordance with the Tax Increment Financing Plan, no additional tax increments may be taken from that parcel, and the original assessed value of that parcel shall be excluded from the original assessed value of the Tax Increment Financing Dis- trict. If the City or the owner of the parcel subse- quently commences demolition, rehabilitation or renova- A - 5