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Form of financing: <br />Administrative fee: <br />Interfund Loan <br />Requirement: <br />4 Year Activity Rule <br />0 469.176 Subd. 6) <br />5 Year Rule <br />0 469.1763 Subd. 3) <br />The project is proposed to be financed by a pay-as-you-go note and/or an <br />interfund loan. <br />Up to 10% of annual increment, if costs are justified. <br />The City will consider an interfund loan resolution providing for the <br />reimbursement of administrative expenses associated with the creation of this <br />district. <br />After four years from the date of certification of the District one of the <br />following activities must have been commenced on each parcel in the District: <br />• Demolition <br />• Rehabilitation <br />• Renovation <br />• Other site preparation (not including utility services such as sewer and <br />water) <br />If the activity has not been started by approximately June 2021, no additional <br />tax increment may be taken from that parcel until the commencement of a <br />qualifying activity. <br />Within 5 years of certification revenues derived from tax increments must be <br />expended or obligated to be expended. <br />Any obligations in the District made after approximately June 2022, will not <br />be eligible for repayment from tax increments. <br />The reasons and facts supporting the findings for the adoption of the TIF Plan for the District, as required <br />pursuant to M.S., Section 469.175, Subd. 3, are included in Exhibit A of the City resolution. <br />Page 2 <br />EHLERS <br />LEADERS IN PUBLIC FINANCE <br />