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<br />Form of financing: The project is proposed to be financed by a pay-as-you-go note and interfund loan. <br /> <br />Administrative fee: Up to 10% of annual increment, if costs are justified. <br /> <br />Interfund Loan <br />Requirement: <br />If the City wants to pay for administrative expenditures from a tax increment fund, <br />it must pass a resolution authorizing a loan from another fund be within 60 days of <br />the issuance of the check or the reimbursement will not be allowed. <br /> <br />4 Year Activity <br />Rule: <br />After four years from the date of certification of the District one of the following <br />activities must have been commenced on each parcel in the District (§ 469.176 <br />Subd. 6): <br /> <br /> Demolition <br /> Rehabilitation <br /> Renovation <br /> Other site preparation (not including utility services such as sewer and water) <br /> <br />If the activity has not been started by approximately August 2022, no additional <br />tax increment may be taken from that parcel until the commencement of a <br />qualifying activity. <br /> <br />The reasons and facts supporting the findings for the adoption of the TIF Plan for the District, as required <br />pursuant to M.S., Section 469.175, Subd. 3, are included in Exhibit A of the City resolution. <br /> <br />