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uses include property acquisition, demolition, rehabilitation, installation of public utilities, road, sidewalks, public parking facilities, and allowable administrative expenses. Obligations: The district is currently obligated to pay the 2004A GO Tax Increment Bonds. Three Year Rule: MN Statute 469.176 sub la was repealed in 2005. However, the requirement is still effective for districts which were adopted when the rule was in place. Thus, the 2121 —23 Hwy 8 District was still required to comply with the three year rule. The three year rule states that, within three years from certification date, bonds much be issued, the authority has acquired land or has caused public improvements to be constructed in the district. Four Year Rule: MN Statute 469.176 sub 6 requires that, within four years from certification date, certain activities must have taken place on each parcel with the TIF district. Required activities include demolition, rehabilitation, renovation and site improvements. If these activities have not taken place within the required time, the parcel is `knocked down' from the district, meaning, that no increment may be collected from that individual parcel for the duration of the district. The law, does, however allow for reinstatement procedures should the required activity later occur on the parcel. The 2121 —23 Hwy 8 Four Year Rule deadline was June 1993. Five Year Rule: MN Statute 469.1763 which places limits on the amount and the length of time in which revenues from the TIF district may be used for activities outside the district was effective for districts with certification requests after April 30, 1990 and does not apply to this district. 0 Management Review&Analysis-Tax Increment Financing Districts February 2012 New Brighton, Minnesota Page 86