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sell at a discount bonds issued pursuant to Section 469.178. Administrative expenses <br />includes amounts paid for services provided by bond counsel, fiscal consultants, and <br />planning or economic development consultants. No tax increment shall be used to pay any <br />administrative expenses for a project which exceed ten percent of the total tax increment <br />expenditures authorized by the tax increment financing plan or the total tax increment <br />expenditures for the project, whichever is less. <br />P. Limitation on Duration of Tax Increment Financing Districts <br />Pursuant to Minnesota Statutes Section 469.176, Subdivision 1, "no tax increment shall be <br />paid to an authority ... three years from the date of certification ... by the County Auditor ... <br />unless within the three-year period (1) bonds have been issued pursuant to Section 469.178 <br />or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to <br />Minnesota Statutes Sections 469.152 through 469.165, prior to August 1, 1979; or (2) the <br />authority has acquired property within the district; or (3) the authority has constructed or <br />caused to be constructed public improvements within the district ... a The City must <br />therefore issue bonds, or acquire property, or construct or cause public improvements to be <br />constructed by 1991 or the Office of the County Auditor may dissolve the tax increment <br />financing district. <br />Q. Limitation on Qualification of Property in Tax Increment District Not Subject to <br />Improvement <br />Pursuant to Minnesota Statutes Section 469.176, Subdivision 6, "if, after four years from <br />the date of certification of the original assessed value of the tax increment financing <br />district, no demolition, rehabilitation or renovation of parcel or other site preparation <br />including improvement of a street adjacent to a property but not installation of utility <br />service including sewer or water systems, has been commenced on a parcel located within a <br />tax increment. financing district by the authority or by the owner of the parcel in <br />accordance with the tax increment financing plan, no additional tax increment may be taken <br />from that parcel and the original assessed value of that parcel shall be excluded from the <br />original assessed value of the tax increment financing district. If the authority or the owner <br />of the parcel subsequently commences demolition, rehabilitation or renovation or other site <br />preparation on that parcel including improvement of a street adjacent to that parcel, in <br />accordance with the tax increment financing plan, the authority shall certify to the county <br />auditor in the aminal disclosure report that the activity has commenced. The county auditor <br />shall certify the assessed value thereof as most recently certified by the com rnissioner of <br />revenue and add it to the original assessed value of the tax increment financing district. <br />R. Limitation on the Use of Tax Increment <br />All revenues derived from tax increment shall be used in accordance with the tax increment <br />financing plan. The revenues shall be used to finance or otherwise pay public <br />redevelopment costs pursuant to Minnesota Statutes, Chapter 469. These revenues shall not <br />be used to circumvent existing levy limit law. No revenues derived from tax increment <br />shall be used for the construction or renovation of a municipal owned building used <br />primarily and regularly for conducting the business of the municipality; this provision shall <br />not prohibit the use of revenues derived from tax increments for the construction or <br />City of Mounds View TIF District No. 2 Modification 111 P a g e <br />