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submitted by February 1 of the fifth year following the year in which the parcel was certified <br />as included in the district. For purposes of this subdivision, qualified improvements of a <br />street are limited to (1) construction or opening of a new street, (2) relocation of a street, <br />and (3) substantial reconstruction or rebuilding of an existing street. <br />The City or a property owner must improve parcels within the District by approximately April 2022 and <br />report such actions to the County Auditor. <br /> <br />Subsection 1-20. Use of Tax Increment <br />The City hereby determines that it will use 100 percent of the captured net tax capacity of taxable property <br />located in the District for the following purposes: <br />1. To pay the principal of and interest on bonds issued to finance a project; <br />2. To finance, or otherwise pay the capital and administration costs of Development District No. 3 <br />pursuant to M.S., Sections 469.124 to 469.133; <br />3. To pay for project costs as identified in the budget set forth in the TIF Plan; <br />4. To finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4; <br />5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the <br />City or for the benefit of Development District No. 3 by a developer; <br />6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing <br />the payment when due of principal of and interest on bonds pursuant to the TIF Plan or pursuant to <br />M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; and <br />7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on <br />the tax increment bonds or bonds issued pursuant to M.S., Chapter 462C, M.S., Sections 469.152 <br />through 469.165, and/or M.S., Sections 469.178. <br />These revenues shall not be used to circumvent any levy limitations applicable to the City nor for other <br />purposes prohibited by M.S., Section 469.176, Subd. 4. <br />Tax increments generated in the District will be paid by Ramsey County to the City for the Tax Increment <br />Fund of said District. The City will pay to the developer(s) annually an amount not to exceed an amount as <br />specified in a developer's agreement to reimburse the costs of land acquisition, public improvements, <br />demolition and relocation, site preparation, and administration. Remaining increment funds will be used for <br />City administration (up to 10 percent) and for the costs of public improvement activities outside the District. <br />Subsection 1-21. Excess Increments <br />Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the <br />following: <br />1. Prepay any outstanding bonds; <br />2. Discharge the pledge of tax increment for any outstanding bonds; <br />3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or <br />4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in <br />proportion to their local tax rates. <br />The City must spend or return the excess increments under paragraph (c) within nine months after the end <br />of the year. In addition, the City may, subject to the limitations set forth herein, choose to modify the TIF <br />Plan in order to finance additional public costs in Development District No. 3 or the District. <br />City of Little Canada <br />Tax Increment Financing Plan for Tax Increment Financing District No. 7-1 1-13