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3. pay into an escrow account dedicated to the <br />payment of such bonds; or <br />4. return the excess amount to the County Auditor <br />for distribution as provided in Section 469.176, Subd. 2, of <br />the Tax Increment Financing Act. <br />Minnesota Statutes, Section 469.176, Subd. 2. <br />11. Pursuant to Section 469.176, Subd. 1, of the Tax <br />Increment Financing Act: <br />1. No tax increments shall be paid to the City for <br />a Tax Increment Financing District after three (3) years <br />from the date of certification of the original gross tax <br />capacity of the taxable property in the Tax Increment <br />Financing Districts by the County Auditor unless within <br />the three (3) year period: (a) bonds have been issued <br />pursuant to Section 469.178 or in aid of a project <br />pursuant to any other law, except revenue bonds issued <br />pursuant to Sections 469.152 to 469.165, prior to <br />August 1, 1979, or (b) the City has acquired property <br />within a Tax Increment Financing District or (c) the City <br />has constructed or caused to be constructed public <br />improvements within a Tax Increment Financing District. <br />2. The tax increments pledged to the payment of <br />bonds and interest thereon may be discharged and the Tax <br />Increment Financing District may be terminated if <br />sufficient funds have been irrevocably deposited in the <br />debt service fund or other escrow account held in trust <br />for all outstanding bonds to provide for the payment of <br />the bonds at maturity or redemption date. <br />3. No tax increments shall in any event be paid to <br />the City from a Tax Increment Financing District except <br />in accordance with the limits set forth in Section <br />469.176. <br />4. If, after four (4) years from the date of <br />certification of the gross tax capacity of the Tax <br />Increment Financing District pursuant to Section 469.177 <br />of the Tax Increment Financing Act, no demolition, <br />rehabilitation or renovation of property or other site <br />preparation, including improvements of a street adjacent <br />to a parcel but not installation of an underground <br />utility service, has been commenced on a parcel located <br />within a Tax Increment Financing District by the City or <br />A -5 <br />Page 33 <br />