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City of Mounds View TIF District No. 1 Modification 22 | P a g e S. Notification of Prior Planned Improvements Pursuant to Minnesota Statutes Section 273.76, Subdivision 4, the City has reviewed and searched the properties to be included in the tax increment financing redevelopment district and found no properties for which building permits have been issued during the 18 months immediately preceding approval of the tax increment financing plan by the city. If the building permit had been issued within the 18 month period preceding approval of the tax increment financing plan by the city, the county auditor shall increase the original assessed value of the district by the assessed valuation of the improvements for which the building permit was issued, excluding the assessed valuation of improvements for which a building permit was issued during the three month period immediately preceding s aid approval of the tax increment financing plan, as certified by the assessor. (AS MODIFIED JUNE 12, 1989) Pursuant to Minnesota Statutes Section 469.177, Subdivision 4, the City has reviewed and searched the properties to be included in the tax increment financing redevelopment district and found no properties for which building permits have been issued immediately preceding approval of the tax increment financing plan by the city. The county auditor shall increase the original tax capacity value of the district by the tax capacity valuation of the improvements for which building permit was issued. T. Excess Tax Increments Pursuant to Minnesota Statutes, Section 273.75, Subdivision 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the City shall use the excess amount to: 1. prepay the outstanding bonds; 2. discharge the pledge of tax increment therefore; 3. pay into an escrow account dedicated to the payment of such bond; 4. repay any loans including interest on these loans; or 5. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their mill rate. (AS MODIFIED JUNE 12, 1989) Pursuant to Minnesota Statutes, Section 469.176, Subdivision 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the City shall use the excess amount to: