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City of Mounds View TIF District No. 1 Modification 20 | P a g e engineering services, directly connected with the physical development of the real property in the district, relocation benefits paid to or services provided for persons residing or businesses located in the district or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to Section 273.77. Administrative expenses includes amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. No tax increment shall be used to pay any' administrative expenses for a project which exceed ten percent of the total tax increment expenditures authorized by the tax increment financing plan or the total tax increment expenditures for the project, whichever is less. P. Limitation on Duration of Tax Increment Financing Districts Pursuant to Minnesota Statutes, Section 273.75, Subdivision 1, "no tax increment shall be paid to an authority three years from the date of certification by the County Auditor unless within the three-year period (1) bonds have been issued pursuant to Section 273.77 or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Chapter 474, prior to the effective date of the Act; or (2) the authority has acquired property within the district; or (3) the authority has constructed or caused to be constructed public improvements within the district… "The City must therefore issue bonds, or acquire property, or construct or cause public improvements to be constructed by 1989 or the Office of the County Auditor may dissolve the tax increment financing district. (AS MODIFIED JUNE 12, 1989) Pursuant to Minnesota Statutes, Section 469.176, Subdivision 1, "no tax increment shall be paid to an authority three years from the date of certification by the County Auditor unless within the three-year period (1) bonds have been issued pursuant to Section 469.178 or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Chapter 474, prior to the effective date of the Act; or (2) the authority has acquired property within the district; or (3) the authority has constructed or caused to be constructed public improvements within the district… "The City must therefore issue bonds, or acquire property, or construct or cause public improvements to be constructed by 1989 or the Office of the County Auditor may dissolve the tax increment financing district. Q. Limitation on Qualification of Property in Tax Increment District Not Subject to Improvement Pursuant to Minnesota Statutes Section 273.75, Subdivision 6, "if, after four years from the date of certification of the original assessed value of the tax increment financing district…, no demolition, rehabilitation or renovation of parcel or other site preparation including improvement of a street adjacent to a property but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the authority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from that parcel and the original assessed value of that parcel shall be excluded from the original assessed value of the tax increment financing district. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site