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3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 35 35 Allowable Uses: MN Statute 469.176 sub 4j specifies the activities on which tax increment from a redevelopment district may be spent. In general, tax increment must be spent correcting those conditions which caused the area to be designated a redevelopment district. Allowable uses include property acquisition, demolition, rehabilitation, installation of public utilities, road, sidewalks, public parking facilities, and allowable administrative expenses. Obligations: The NWQ Special Law TIF District currently has an interfund loan for $5,347,777 from the Municipal Development Fund #560. This district is also obligated to pay 2015B G.O. TIF Revenue, 2016A G.O. TIF Revenue Bonds and 2017A G.O. TIF Revenue Bonds. In-District Obligations: Interfund Loan from the Municipal Development Fund – Through 2036 2015B (Refunded 2006A) – Through 2032 2016A (Refunded 2007B) – Through 2033 Pooled Obligations: 2017A (Refunded 2007B) – Through 2025 Three Year Rule: MN Statute 469.176 sub 1a was repealed in 2005 and does not apply to this district. Four Year Rule: In 2009, the Minnesota Legislature extended the time frame of this provision from four to six years for districts that were certified between January 1, 2005, and April 20, 2009. The NWQ Special Law TIF six-year deadline was April 2013. Five Year Rule: In 2009, the Minnesota Legislature extended the time frame of this provision from five years to ten for districts certified between June 30, 2003, and April 20, 2009. The ten-year deadline was April 2017. Geographic Enlargements: 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 after the certification date. The NWQ Special Law TIF may not be enlarged after April 2012.