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6. Summary of Individual Tax Increment Financing Districts 46 46 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 TIF District currently is supporting two pay-as-you go notes and also has an interfund loan from the Municipal Development Fund #560. In-District Obligations: $2.1M Pay GO Note for Senior Housing $1.6M Pay GO Note for Multifamily Housing Interfund Loan from the Municipal Development Fund – Through term of district Pooled Obligations: None Three Year Rule: MN Statute 469.176 sub 1a was repealed in 2005 and does not apply to this district.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 TIF four-year deadline is January 2024. Five Year Rule: MN Statute 469.1763 Subd. 3 states that for post-1990 districts, tax increment is only considered to be expended on an in-district activity if certain activities occur. The five-year deadline is January 2025. 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 Midtown Village TIF may not be enlarged after January 2025.