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uses include property acquisition, demolition, rehabilitation, installation of public utilities, road, sidewalks, public parking facilities, <br /> and allowable administrative expenses. <br /> Obligations: <br /> The BCPII South (Soo Line) TIF district currently has an interfund loan for $109,549 from the Municipal Development Fund. The <br /> district is also obligated to pay the 2011B GO Tax Increment Refunding and 2004B GO Tax Increment Bonds. <br /> In-District Obligations: 2001C (Refunded with 2011B)—Through 2015 <br /> Interfunf Loan from the Municipal Development Fund—Through 2020 <br /> Pooled Obligations: 2004B—Through 2020 Proceeds to TIF#31 &#32 <br /> Three Year Rule: <br /> MN Statute 469.176 sub 1a was repealed in 2005. However, the requirement is still effective for districts which were adopted when <br /> the rule was in place. The three year rule states that, within three years from certification date, bonds must be issued; the authority <br /> has acquired land or has caused public improvements to be constructed in the district. <br /> Four Year Rule: <br /> MN Statute 469.176 sub 6 requires that, within four years from certification date, certain activities must have taken place on each <br /> parcel with the TIF district. Required activities include demolition, rehabilitation, renovation and site improvements. If these <br /> activities have not taken place within the required time, the parcel is `knocked down' from the district, meaning, that no increment <br /> may be collected from that individual parcel for the duration of the district. The law, does, however allow for reinstatement <br /> procedures should the required activity later occur on the parcel. The BCPII South (Soo Line) TIF Four Year Rule deadline was <br /> January 2003. <br /> Five Year Rule: <br /> MN Statute 469.1763 places limits on the amount and the length of time in which revenues from the TIF district may be used for <br /> activities outside the district. In general, for the BCPII South (Soo Line)TIF district, at least 75%of tax increment revenues must be <br /> used to pay for qualified costs within the district. This is considered the 'in district' percent. Subdivision 3 of this section of the <br /> Management Review&Analysis-Tax Increment Financing Districts February 2012 <br /> New Brighton, Minnesota Page 166 <br />