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statute further specifies that within five years, tax increment must actually be paid for activities, bonds issued, contracts entered into <br /> in order for revenues to be considered to have been spent. The five year deadline was January 2004, by which time the development <br /> agreement was signed and obligations were issued. <br /> Geographic Enlargements: <br /> MN Statute 469.175 sub 4(f)places limits on the length of time a TIF district may add parcels.No parcels may be added five years <br /> after the certification date.The BCPII South (Soo Line)TIF may not be enlarged after January 2004. <br /> Recommendations: <br /> This district currently has a$0 cash balance while paying off the interfund loan from the Municipal Development Fund. This is <br /> expected to continue until 2020. <br /> • Budget Modifications: Not recommended. <br /> • Administrative Costs Limit: 10%of expenditures is anticipated to be $50,826 or 9.7%at the end of the district. <br /> • Pooling Limitation: This district currently has$0 available for pooling outside the district. <br /> • 5-Year Rule: Deadline was January 2004. The development agreement and 200IC GO Tax Increment Bond was issued <br /> prior to this date. <br /> • 4-Year Rule: Met January 2003. <br /> • Developer Obligations: This district is paying the 2011B GO Tax Increment Refunding bond until 2016. <br /> r� Management Review&Analysis-Tax Increment Financing Districts February 2012 <br /> New Brighton, Minnesota Page 167 <br />